The Key Risk From Draghi Isn’t A Taper Tantrum, It’s This…

Ok, so as noted on Sunday, Mario Draghi is probably going to thread the needle today. Here's what we said: This telegraphing was itself telegraphed (remember: there’s now forward guidance for the forward guidance — that’s how absurd things have gotten) earlier this month when Bloomberg reported that the ECB is set to cut QE in half starting in January while extending the program for at least 9 more months. As we put it, “the ECB is going to cut QE in half, but you and Draghi can sti