FW: My Top 15 Takeaways from ECB

My Top 15 Takeaways from ECB Announcement & Draghi Press Conference  By Kathy Lien 1. ECB Delivers Massive Stimulus Package, Talks of Doing More - Markets Should be Impressed 2. ECB Did NOT Announce Quantitative Easing Today but Took a Step in that Direction 3. Eurozone Gets Negative Deposit Rates of -0.1% - Expected but still unprecedented for ECB 4. Main Refinancing Rate cut to 0.15%, Marginal Lending Rate cut to 0.4% - Expected 5. Draghi says Interest Rates Pretty Much at Lower Bound - Translation No More Rate Cuts 6. ECB extends eligibility of existing assets as collateral - Allows more loans to be used for LTROs 7. Announces 2 Targeted longer-term refinancing operations (TLTROs) in September and December (Initial Size of EUR400B) 8. Preparation for outright purchases of asset backed securities (ABS) intensified - Step Towards QE 9. Ends Sterilization of Securities Markets Program - Expected 10. ECB Extends Fixed Rate Full Allotment until end of 2016 11. More stimulus is possible, Draghi says point blank "We're not finished" 12. Main motivation for today's moves were low inflation - ECB cuts 2014, 2015 and 2016 Inflation Forecasts 13. ECB also cuts 2014 GDP forecast, raises 2015 GDP forecast 14. While Draghi sees continued recovery and moderate growth in Q2, outcome has been weaker than expected 15. Draghi recognizes improvements in labor market but says unemployment remains high and unutilized capacity still sizable Here's the price action post ECB