***The ECB Introductory Statement was a.........>

ECB: ***The ECB Introductory Statement was a fairly lazily accomplished cut and

paste from last December, just a very subtle up tick in the growth comments. The

Q&A was more interesting:

- "well past" is a fundamental part of ECB forward guidance

- clearly not happy with Mnuchin's comments on the dollar but said nothing more

aggressive other than it will have an impact upon inflation, which is what the

ECB is interested in.

- Pushed back against the market's hawkish interpretation of the December

minutes. Says the de-linking of PSPP to inflation discussion will take place in

March, not that a decision would be made in March.

- QE taper for September? Still left us confused. It could be a sudden-stop, a

taper or an extension. It seems the discussion must still occur on this topic.

- Draghi said very few chances that rates would go up this year