ECB: Draghi tried to bridge time to September but promising to do something. His text extremely weak on action except his wording ...if needed .... High risk premia... unacceptable.... This needs to a disappointment for the analyst and pundits looking for more than empty talks ....

Clearly Bundesbank did not budge and also we need to carefully monitor potential macro prudential intervention, but as per usual ECB does not deliver....and it cant..

Press conference ongoing....

This is a expected... extend-and-pretend squared....