The ECB said it allotted EUR124.442 billion at its weekly main refinancing operation, up EUR4.99 billion from EUR119.455 billion at last week's tender. The allocated amount was above the benchmark allotment of EUR71.0 billion, or the ECB's estimate of liquidity banks need to conduct routine operations.

The number of bidders at the weekly operation fell further, to 182 from 189 last week and 253 the week before that.

The results reflect an increasing normalization in money markets in recent weeks

Am I the only one seeing a total disconnect between the data and the conclusion here?

Still, use of the ECB's marginal lending facility, which charges a punitive 1.75% interest rate, remained high Monday, signaling that tension remains in parts of the euro zone's banking system.

Wait, you have one hundred times normal volume on the penalty rate, and you conclude that "tension remains in parts of the euro zone's banking system?"

Imagine if all newsies exercised similar rhetorical restraint:

"American gunships fire upon the Spanish navy in the Philippines: Sign of mounting Spanish-American tensions?"

"Analyst: German occupation of Paris 'troubling'"

"Japanese officials express concern over events in Hiroshima"

- Jake

Friends come and go. Enemies accumulate.