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No Shock and Awe from Draghi
This seems to be the among the first time in several months that ECB President Draghi has been rather anti-climactic. The disappointment or the "sell the rumor buy the fact" scenario we suggested is, in fact, unfolding, and the euro is correcting higher. Without indicating a size of the program, Draghi did provide more details. The covered bond purchases will begin in the middle of the month, while the ABS purchases will start later in Q4. It is initially envisioned to last two years. Precisely what the ECB will buy will provided in a technical note shortly. Draghi did indicate that ABS lower than investment ... (full story)