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Mario Draghi's "Just One More Month, I Promise" ECB Press Conference - Live Feed
With a disappointingly slow asset accumulation in the ABS and Covered Bond purchase schemes, Draghi better "get back to work" soon or the market (EURUSD down 17 handles on nothing but promises) will lose its patience. As we noted earlier, Weidmann's hints suggest the oil-price-slowdown is providing cover for monetary policy and obscuring the 'bad' deflation. Crucially Draghi will need to stress the 'need' for action and the 'unanimity' of that decision to keep the algos buying...
Draghi is due to speak at 830ET...
Some of the headlines from Bloomberg:
- DRAGHI SAYS ASSET PURCHASES, TTLTROS TO HAVE SIZABLE IMPACT
- DRAGHI SAYS PURCHASES WILL LAST FOR AT LEAST TWO YEARS
- DRAGHI SAYS BALANCE SHEET SEEN MOVING TOWARD EARLY 2012 LEVELS
- DRAGHI SAYS MEASURES EASE POLICY STANCE, SUPPORT RATE GUIDANCE
- DRAGHI SAYS ECB UNANIMOUS IN COMMITMENT TO ACT AGAIN IF NEEDED
- DRAGHI SAYS LATEST DATA INDICATE LOWER INFLATION, GROWTH
But judging by the EURUSD reaction, this part of Draghi's remarks was not what was desired:
- DRAGHI SAYS ECB TO REASSESS CURRENT STIMULUS NEXT QUARTER
And then this:
- DRAGHI SAYS ECB OFFICIALS UNANIMOUS ON MORE STIMULUS IF NEEDED
Just not on the format.
And then the now traditional slashing of economic expectations:
- ECB SEES 2014 GDP GROWTH OF 0.8% VS. 0.9%
- ECB SEES 2015 GDP GROWTH OF 1% VS. 1.6%
- ECB SEES 2016 GDP GROWTH OF 1.5% VS. 1.9%
Any other day this alone would have been enough to send equity futures soaring. So far today, that is not the case.
- ECB CUTS EURO-AREA INFLATION FORECASTS FOR 2014 THROUGH 2016
But wait, weren't lower oil prices stimulative?
Here's SaxoBank's quick guide to all the bazookas Draghi has unleashed or promised to...
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Someone needs to tell Draghi he's wearing no clothes - unfortunately it won't happen.
DavidC
So Draghi disappoints and says some meaningless words. What's that translate to, about +10 pts on the S&P?
what else? The show MUST go on
completely disagree. It's the "markets" that want to hear what they want to hear. And it rhymes with... "moar". Meanwhile, have a look at the last graph
I can't figure why every time I think about Mario Draghi I think about the Mark Sanchez butt fumble.
I am not smart enough to totally understand all of it and not dumb enough to believe any of it.
Bazooka, bazooka, bazooka!
At least his voice isn't as nauseating as Obama's
But they both come across as nutless gender benders.
The Euro-zone is in a far bigger mess than recent headlines and figures suggest. Most of the growth in the Euro-zone over recent years has been in Germany and that bright spot is now under pressure. Italy has been in recession for two years; France’s economy has been stagnant for months. Now that Germany is also slowing many economist think the chances of a Japan-style deflationary spiral have risen sharply.
Blame is being cast upon German policymakers that remain pigheadedly opposed to the stimulus the euro area needs. Bottom-line and what it all boils down to is Germany can’t keep buying Greek bonds with German taxpayer money until the end of time. The article below looks deeper into why the euro may be on its way out.
http://brucewilds.blogspot.com/2014/10/global-economic-malaise-due-to-debt.html
press statement?
Let me sum up the difference between Europe and the US as it relates to the ECB and the FED.
In the US the FED unleashes QE and the banksters and the top 0.1% get filthy rich. The sheeple go along merrily with their youtube and mobile devices.
In Europe, if the ECB unleashes QE and the banksters and the top 0.1% get filthy rich, the citizens will turn out with torches and pitchforks.
Yeah, those Europeans.
So with it, informed and brave compared to backward Americans. Planning their next vacation or must-do, as they ALLOW Socialism to destroy their economies, and their disgusting non-judgmentalism eradicates their once great western Christian culture.
Hey, in your attack on Americans, you forgot to work "fat" in there.
Talking about the impact of inflation and oil prices is one thing.
But what about the top line, also known as GDP?
Lower total sales of oil, energy, and travel, and shipping costs will lower the top line, and that will push most of these nations well into recession territory will it not?
Rest assured Draghi is actually at a Goldman staff meeting right now.
This is just the Draghi Random Phrase Repeat Generator. The White House lent them the technology they use for Obama so he doesn't have to leave the golf course.
He just said "QE has been effective in US and GB but we are not yet sure about Japan"....
They are not that stupid.......are they ?
of course they are. you doubt?