With the exception of a confetti- throwing protestor, there were no surprises out of the ECB press conference last week. Draghi confirmed that purchases would run “until we see a sustained adjustment in the path of inflation”, ruling out any speculation of tapering in the near term. Despite escalating rhetoric over a Greek default and news that Greek officials made an informal approach to the IMF about delaying the interest payments, yields continue to grind lower. German Bund yields went negative at the 9-year maturity, while the 10 year yield tested the zero threshold. The question remains, with yields still falling and the ECB unable to buy bonds below its -0.2% lower limit, weather policy makers will face a scarcity of European government bonds. How long will it be before they may have to change their strategy?