The WSJ has five important points from the ECB.

  1. QE exit discussions are extremely premature
  2. There's is no shortage of bonds
  3. Pickup in the pace of economic recovery that appears to have started
  4. Draghi doesn't see any evidence of bubbles
  5. Not much to say on Greece

Read the article.

In the market, the rally in EUR/USD to 0.1675 has almost completely faded, falling back to 1.0594. Part of it is a rebound in the US dollar but it's bearish, either way.

EUR/USD

One of the big takeaways from the ECB was Draghi brushing off worries about scarcity. That's put a big bid in German 10 years, which are now down 3 basis points to 0.107%.