‘Draghi Delivers His Classic’: One Bank’s Take On The ECB And How To Trade It

Right, so my ad hoc assessment of Draghi on Thursday was that he masterfully pulled off what by all accounts should have been impossible. He somehow managed to pull a dovish rabbit out of a hawkish hat (how's that for wordplay?) by pairing calendar-based rate guidance and a taper to €15 billion/month starting in September with the announcement that APP will end in December. The June ECB meeting was fraught with peril considering the political turmoil in Italy (which manifested itself in a g