ECB warnings and yield target allusions

Or illusions...

Before that though, here is a thing we know and have known since the ECB launched its (probably) soon to be extended QE programme: Draghi et al will have to deal with the idea of QE scarcity -- it's running out of available bonds to buy. It's already coming up against a self-imposed constraint and it has been well flagged that the big one, Germany, is looming as an ever larger roadblock.

Here is a thing we also know and have already mentioned in this post: The constraint is self-imposed and, as such, can be alleviated. Like this, for example: