The ECB has not announced any new initiative. It stands ready to do more next year, but there was no specific mention of sovereign bond purchases. There was no tweaking of the second TLTRO which will launched next week. The staff did cut the forecasts for growth and inflation, but Draghi acknowledged that the forecasts do not incorporate recent drop in energy prices. The sense of urgency that Draghi (and Constancio) had appeared to express in recent speeches did not seem to be reflected in the press conference. This help spur a short-covering bounce in the euro that took the single currency back to yesterday's highs. ... (full story)