1) TLTRO is a yawner. TLTRO is secured funding, so I never thought that not doing TLTRO would be an issue as banks reposess collateral and can eventually refinance it elsewhere.
2) Forward guidance and rates: here is the main message. Ecb has lowered 2021 Cpi to 1.6% far from the “2% or slightly below 2%” target
3) MY TAKE IS THAT THE ECB HAS GIVEN UP ON INFLATION TARGET. FROM WHATEVER IT TAKES TO WHATEVER.
4) that explains the bond rally and equity giving up