- 70% of softer inflation is due to lower food and energy prices
- US is well-more advanced and the recovery than we are
- Will reflect hard on how to structure QE in eurozone
Draghi is keeping an extraordinary poker face. The euro has chopped around but is basically flat. You get the sense that the ECB is marginally closer to launching fresh measures but it’s hard to say the likelihood. Maybe 5% higher than it was a month ago?
