While there have been various trial balloons in recent days, hinting that the ECB could start purchasing equities, most notably by the Peterson Insitute, it is unlikely that Mario Draghi will commence outright monetization of ETFs at the ECB’s meeting tomorrow. Still, that does not change the fact that the ECB is rapidly running out of bond to government monetize, which has pushed government yields to all time negative lows, and has so distorted the corporate market that non-backstopped corporations have issued negative yielding bonds: an unheard of event.