They better hope they weren’t or they didn’t do a very good job.

  • ECB creating incentive for banks to lend
  • ECB must wait to see impact of measures
  • We can still tweak some of the key rates, not necessarily the main rate
  • TLTRO must wait until Sept for logistical reasons
  • Would not say QE is a bluff, QE is still on the table
  • There is some froth in high yield bonds

Constancio is speaking on CNBC.

If someone says “it’s not a bluff”… it’s always a bluff.