ECB QE leaked into Treasuries in a xccy bank carry trade

ECB LTROs/ QE leaked into Treasuries in a x-currency carry trade. But as the Fed hikes there is potential for the carry to go negative between funding costs and US curve flattening.

http://www.zerohedge.com/news/2017-04-05/euro-saves-germany-slaughters-pigs-feeds-blics