The Draghi effect is trying to wear off. The market is saying to policy makers to “put money where your mouth is or we are not playing the upbeat card.” Yesterday, it was “risk” that got all the support after Draghi said that the ECB was ready to do “whatever it takes to preserve the EUR.” This morning, fading hope is preparing itself to tune into US GDP data. Considering recent weaker US data, investors are still wondering on how to lay their bets on whether the Fed will embark on another round of QE. A soft GDP print this morning will cause the betting to quickly intensify that something may be afoot at next weeks ... (full story)