Well, the emperor has real clothes – for one more day. 

The depo rate was cut, PSPP was expanded, LTRO 2.whatever was launched and, perhaps most critically, IG corporate debt was officially made eligible for ECB QE as Draghi “leans” Kuroda.

Here’s “Super” Mario’s presser, which incidentally may be the last time a prominent DM central banker delivers comments that don’t amount to a mea culpa. Here are the key points:

• DRAGHI: NEW TLTROS WILL REINFORCE ECB’S ACCOMMODATIVE STANCE
• DRAGHI: WILL ACCELERATE RETURN OF INFLATION TO PRICE STABILITY
• DRAGHI: COMPREHENSIVE PACKAGE WILL EXPLOIT SYNERGIES OF TOOLS
• DRAGHI: TOOK ACCOUNT OF NEW MACRO PROJECTIONS
• DRAGHI: CONDUCTED THOROUGH REVIEW OF MONPOL STANCE
• DRAGHI SAYS ECB STIMULUS PACKAGE IS ‘COMPREHENSIVE’
• DRAGHI SAYS STIMULUS WILL REINFORCE MOMENTUM OF RECOVERY
• DRAGHI SAYS ECB QE WILL RUN UNTIL AT LEAST END OF MARCH 2017
• DRAGHI SAYS ECB RAISES ISSUE SHARE LIMIT ON QE BONDS TO 50%
• DRAGHI SAYS IT WILL ISSUE FOUR NEW 4-YEAR TLTRO PROGRAMS
• EUR FRESH LOW UNDER 1.0830 AS DRAGHI DETAILS ECB STEPS
• DRAGHI: NO REQUIREMENT FOR MANDATORY EARLY TLTRO-2 REPAYMENT
• DRAGHI SEES RATES AT PRESENT OR LOWER LEVELS FOR EXTENDED TIME
• DRAGHI SAYS RATES TO STAY LOW ‘WELL PAST’ QE HORIZON

• DRAGHI SAYS ECB DOESN’T SEE ANY NEED TO REDUCE RATES FURTHER

• DRAGHI SAYS NEW FACTS COULD CHANGE STANCE ON RATE PATH

• DRAGHI DOESN’T ANTICIPATE MORE RATE CUTS BASED ON CURRENT VIEW