Just as we warned was likely (how many times have we seen this game played), The ECB has come out this morning to explain to the market that the reaction to Draghi's hawkish speech yesterday was entirely mistaken. The reaction is clear - EUR and Bund yields are tumbling. Following the euro’s biggest daily jump in over a year, in what could be interpreted as verbal intervention, ECB’s Constancio said that market reactions aren’t always understandable and that Draghi didn’t say anything new in regards to recent ECB policy. Mario Draghi’s speech in Sintra on Tuesday was “totally” in line with recent ECB policy, ECB Vice ... (full story)