Good morning. As if the BoJ will ever be able to reduce its bond holdings…

https://ftalphaville.ft.com/2017/05/11/2188674/the-future-is-a-scary-place-charted/

Some more details on that Silk Road decline…

https://www.ft.com/content/18db2e80-3571-11e7-bce4-9023f8c0fd2e

Buttonwoods: “the investment- management industry faces a big squeeze”

https://www.economist.com/news/finance-and-economics/21721905-it-likely-lead-further-consolidation-investment-management-industry

Not sure whether I am much surprised here

https://piie.com/research/piie-charts/countries-higher-tariffs-have-larger-trade-deficits

Trust has been dropping

https://blogs.imf.org/2017/05/10/the-economics-of-trust/

Bond buying by the ECB

https://www.bondvigilantes.com/blog/2017/05/11/bonds-benefitted-ecbs-corporate-bond-buying-programme/

A bit of reading on the European economy

http://voxeu.org/article/unusual-recovery-charting-way-forward-european-policymakers

ETFs hit another record

https://www.bloomberg.com/view/articles/2017-05-11/comey-continued-paybacks-and-nukes

ECB on Target2 (now somehow rebranded to TARGET?)

https://www.ecb.europa.eu/pub/pdf/other/ebbox201703_01.en.pdf

And some ultracool National Geographic photo’s

https://www.theatlantic.com/photo/2017/05/2017-national-geographic-travel-photographer-of-the-year-contest/526119/

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