ECB president Draghi into the Q&A session 10 May

  • we will naturally exit stimulus together with the improvement in the economy and rebound in inflation
  • book losses on bonds bought under depo rate will be small for national central banks
  • budget impact of eventual exit stimulus will not be a consideration for ECB
  • some elements of fwd guidance meant to address tail risk of inflationary problem
  • tail risk is diminishing
  • time stimulus exit not yet here

Nothing we didn't already know.Stimulus exit is coming sooner rather than later but not necessarily any time now. EURUSD suitably unfazed at 1.0875, EURGBP 0.8395 and EURJPY 123.80

Watch it live here thanks to reader Jan

Ryan had earlier Draghster comments here and here