The looming threat of a non-inflationary scenario for a group of nations that now have more debt-to-GDP leverage than ever before, more unemployed people that ever before, and more delinquent loans than ever before is indeed a worry for the ex-Goldman Sachs banker, but - so far - Draghi has been "all mouth and no trousers" in the local vernacular. Will he re-promise QE? Negative rates? OMT? Jawbone the EUR down as yet another set of algos buying his bullshit? We'll see...
Conference highlights:
- DRAGHI SAYS MODERATE RECOVERY PROCEEDING AS EXPECTED
- DRAGHI SPEAKS IN BRUSSELS AT MONTHLY PRESS CONFERENCE
- DRAGHI SEES PROLONGED PERIOD OF LOW INFLATION
- DRAGHI SAYS INFLATION TO RISE GRADUALLY THEREAFTER
- DRAGHI SAYS UNDERLYING PRICE PRESSURES SUBDUED
- DRAGHI SAYS SUDUED INFLATION OUTLOOK EXTENDING INTO MEDIUM TERM
- DRAGHI CITES LOW INFLATION, HIGH DEGREE OF UNUTILIZED CAPACITY
- DRAGHI SAYS UNUTILIZED CAPACITY IS SIZEABLE
But the punchlines:
- DRAGHI: ECB READY TO ACT SWIFTLY WITH FURTHER EASING IF NEEDED
By act, he of course means talk.
- DRAGHI SAYS ECB READY TO CONSIDER UNCONVENTIONAL INSTRUMENTS
Like... talking even more. It's odd how "whatever it takes" to talk the Euro down no longer seems to work...