European Central Bank Mario President Draghi was masterful once again as he convinced the world that the ECB was getting ready to start purchasing mortgage backed securities without actually having to do so.
It is “whatever it takes” the sequel. Even though this open-ended planning with no set time table for a start is allowing the ECB to once again have its cake and eat it to. Still despite keeping the market guessing he still managed not to disappoint a market that because of the well telegraphed cut in their benchmark interest rate to 0.15% and the deposit rate to -0.1pc. could have set up to be disappointed. Once again Draghi proved that he is one of the most market savvy central banker on the globe and know how to get the most out of doing the least.
To continue reading the article by Phil Flynn click here
