• Markets definitely over-interpreted ECB yesterday
  • Need full info especially about medium-tem inflation
  • Can decide in June on policy with new forecasts in hand
  • ECB never pre-commits
  • Intend to keep ECB bond buy programme for now, but use as little as possible

Sharp about turn in EUR/USD as comments hit the wire and we’re back up at 1.4565.

Meanwhile oil off 3 bucks!!!

UPDATE: Oil off 3 1/2 bucks