Draghi Q&E: Difference between Fed/ECB? "We are not there yet"

Draghi taking questions at presser: "Is global monetary cycle turning?"

• Reflect different positions, achieving their objectives within the business cycle.
• US recovery way more advanced than EZ's, justifying the difference in MP stance.
• Decisions today are consistent with the feedback rule when general conditions approve, inflation objective is closer, downside or upside Qe in the past.
• Does reflect increasing degree of confidence to reach sustained inflation objective.
• We are not there yet.