The market reaction to Draghi's indication, once again, that interest rate policy has run its course, will be debated for some time. Draghi delivered the goods that many investors said was lacking last December. The ECB policy was more than anyone expected. All the boxes were checked. Although the end date was not extended beyond March 2017, the four-year TLTROS will run into the new decade, and Draghi indicated that rates will remain low well beyond the end of the asset purchases. Moreover, the deadline was always soft. Many ... READ MORE
