Draghi Talks Up Goldilocks, Trims 2019 Inflation Forecast, Ups Near-Term Growth Outlook

Now it's time for Mario Draghi to explain why no one should be alarmed that the ECB finally tweaked the language in the policy statement. The removal of the explicit reference to the bank's willingness to ramp up asset purchases again is of course largely meaningless because let's face it, it's not like they wouldn't be willing to step up purchases in the event conditions deteriorated meaningfully. And then there's the support from the reinvestments. As Goldman noted last week, "this dovish