all in all, only certainty is this will drag sovereign yields lower; and risk assets get bid as yield comparison more in their favour - i.e the discount rate drops
[e.g apartment in Dublin bringing in 25k p/a in rent; yield comparison is [i]now 2.5% for Irish 10yr, that was 3% not two months ago; 5.5% yield on that apartment gives price of €455k - but chop 50 basis points off that and you’re at, what, €500k.]
Big macro question is: will the subsequent divergence between US yields and Euro yields be enough to get the Specs shorting the € in large enough size to counter the constant €’s bought due to the persistent trade surplus. If so then weaker € is economic positive (for eurozone, negative for everybody else). If not, then € strengthens again - thanks to relentless trade surplus.