Facebook Feeding Frenzy Saves Market From Draghi Doldrums

Coming into today, in its preview of the day's main event, the ECB decision and presser, UBS' Paul Donovan said that "the main point of interest at today's ECB press conference is what color tie ECB President Draghi will wear. That is a far more uncertain outcome than the policy decision." He was right: Mario Draghi downplayed the recent collapse in European economic data, said the ECB is not concerned about the EUR and promised that the ECB is not engaging in a stealth taper.