european-central-bank-sculptureThe European Central Bank is widely expected to begin buying the sovereign debt of member countries to stimulate the euro zone economy, but the effects of such quantitative easing would be “negligible,” Southwest Securities Managing Director Mark Grant said Monday. The reason: Most of the borrowing is done on 5-year bonds in Europe, and rates on 5-year sovereign debt in Europe are either negative or just above zero. “My thought at this point is that the ECB is out of bullets. They don’t have anywhere to go. They’re facing deflation. I think you’re going to see deflationary numbers across the board at the next report in January,” Grant told CNBC’s “Squawk Box.” More