The headlines are rolling in. From Bloomberg:
- ECB SEES 2012 INFLATION AT 2.3% TO 2.5% VS PREV 2.1% TO 2.7%. - so... counterdisinflation
That's the kicker: ECB sees inflation. Deus Ex Off - forget more easing at this point. Everything else is just filler.
- ECB SEES 2013 GDP AT 0.0% TO 2.0% VS PREVIOUS 0.0% TO 2.2% - not good
- DRAGHI SAYS INFLATION RATES LIKELY TO STAY ABOVE 2% IN 2012
- DRAGHI SAYS MARKET TENSIONS, UNEMPLOYMENT TO WEIGH ON ECONOMY - ya think?
- DRAGHI SAYS UNDERLYING PACE OF MONETARY EXPANSION SUBDUED
- DRAGHI SAYS ECONOMIC GROWTH REMAINS WEAK
- DRAGHI SAYS ECONOMIC OUTLOOK IS SUBJECT TO DOWNSIDE RISKS
- ECB EXTENDS FULL ALLOTMENT REFINANCING TO AT LEAST JAN 15 2013
- DRAGHI SAYS NON-STANDARD MEASURES ARE TEMPORARY IN NATURE
- DRAGHI SAYS EURO-AREA ECONOMY WILL RECOVER GRADUALLY
Finally:
- DRAGHI SAYS BANKS MUST STRENGTHEN BALANCE SHEETS FURTHER.
As we said first thing today: check to Fed. And Germany.