End of QE? Check!
Interest-rate hikes? Check!
Peripheral spread-narrowing tools? Check!
ECB President Christine Lagarde started with the pre-approved hawkish comments, blaming Putin for both weaker growth forecasts and higher inflation outlooks, promising to end the bond-buying and start hiking rates in July.
But then, the question of 'fragmentation' loomed (the fact that peripheral bond yields/spreads are decoupling - in a bad way - from the core, since she stopped buying everything), and the ECB boss appeared to fold like cheap lawn chair.