The most critical asset to be impacted by the ECB - EURUSD - is not reacting and is now actually higher than before Draghi unleashed his mini-LTRO. US Treasury yields are also unchanged - having roundtripped 7bps. But while bonds and FX don't care - Gold and stocks are loving it... Gold is up $10 from pre-ECB and the S&P 500 - at new record highs - is up 7 points.
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