Apr.26 — European Central Bank President Mario Draghi speaks at a news conference in Frankfurt about the economy, monetary policy and inflation after the ECB maintained its pledge to move slowly in removing euro-area stimulus. (This is his opening statement.)  – Bloomberg TV

Super Mario sounded relatively dovish at today’s ECB meeting as the macro data is softening.  The ECB is in a wait and see mode in order ascertain if the weakening is temporary.

Bunds lifted with yields closing down 4 bps, which is probably the reason the U.S. 10-year moved back through 3.0 percent in spite of higher stocks.

Euroland is going to have a bit of a problem as Brent crude moves toward $80 per bbl.  Europe imports almost 90 percent of its oil, which raises the specter of stagflation.