Mario Draghi's "All Talk And No Action" ECB Press Conference - Live Feed

Tyler Durden's picture

As we noted previously, there was a low expectation that Mario Draghi would unleash a much-hoped-for QE but we suspect the devil of the dovish details will come in the press conference when the bespectacled banker will prove that open-mouth operations and the promise of "whatever it takes" at some point in the future are just as powerful (for now) as any actual monetary policy. Rates lower for much much longer... studying negative rates... contemplating asset purchases... preparing to fire OMT... Euro is too strong comments... expect a wild ride... EURUSD is at 1.3760 as he starts.


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GetZeeGold's picture



Let's see if anyone gets wise to this being a rebroadcast of the press conference three times ago.

101 years and counting's picture

why would draghi do any thing other than talk?  2 CB's are already printing to fund the insolvent EU's debt.  the price the EU has to pay for the US and Japan to buy up all of Euro debt is a ridiculously high EUR.

BandGap's picture

It is better to look good, than it is to feel good. You know who you are darling.

Dubaibanker's picture

It's called a 'Dog and Pony Show', starring ECB, with main lead of the dashing Mario Draghi. Supporting Role by Angela Merkel and villain is Nigel Farage.../sarc

Peter Pan's picture

E.C.B. = Evil Central Bank

Atomizer's picture

Never trust a man who wears high heeled shoes. 

medium giraffe's picture

'Unconventional Measures' = Bail In? :)

Yen Cross's picture

  Why would Draghi want to do OMT instead of QE? With OMT all the purchases are sterilized, and bond yields at the long end of the curve are already low enough. FFS Italian and Spanish 10s are only 60-70 basis points above the us 10year.

  Plus the Fed. has provided liquidity for European banks to buy European bonds. Sterilizing bond purchases pulls euros out of the system and doesn't allow it to weaken.

medium giraffe's picture

Sterilising is supposed to keep money supply even I guess...

Yen Cross's picture

    He want's a weaker euro and more inflation no? More euros in the sytem are a primary tool to achieve his goal.

medium giraffe's picture

Well, you would think  so.  He says he wants a weaker Eur, but doesn't set about printing.  He hints at LTRO, but doesn't actually come out and say it.  He says he's happy with the steady rate of inflation, but March HICP is weak.  I have absolutely no idea what he's up to, aside from a policy of blustering on and trying to seem dynamic whilst doing his level best not to tip the boat. (I didn't junk you btw YC).

Yen Cross's picture

  I didn't junk you either. Some disgruntled pecker headed shill/troll no doubt.

Colonel Klink's picture

What a slimey bastard!  As is the case with all Central bankers.

Atomizer's picture

What more information does this jackass need? The EU is broken. 

Seasmoke's picture

I believe we have seen this movie before.

Yen Cross's picture

 Europe is so deep in debt/levered up, Draghi is worried about asset repricing if the euro lowers too much, so he'll just jawbone it to death instead. Typical technocratic conehead bankster!

Atomizer's picture

Good question on core inflation. 

Piranha's picture

good point there draghi "the euro area banking system is not market based"

LawsofPhysics's picture

A "bank based economy"...


"Correctly priced"  Priced in what motherfucker?  Are these banks marking to market or to fucking fantasy?