ABN Amro was right: moments ago Mario Draghi announced that, just as the Pavlovian Dogs were salivating, the ECB would not leave markets hanging, and while not boosting QE in size, announced he would increase the amount of monetizable assets, i.e., the ECB's share limit per CUSIP equivalent, from 25% to 33%. The result: an immediate surge in both stocks (ES jumping 21 points) and bonds (the 10Y dropping to 2.156%). Which has snapped EURUSD 100pips lower - erasing all the post-FOMC Minutes gains... But wait, that's not all: as was clear to all but the most tenured economists, Draghi also just cut Europe's GDP outlook across the board. ECB STAFF SEE 2017 EUROZONE GDP AT 1.8% V JUNE 2.0% ECB STAFF SEE 2016 EUROZONE GDP AT 1.7% V JUNE 1.9% ECB STAFF SEE 2015 EUROZONE GDP AT 1.4% V JUNE 1.5% And here is why more QE, also in absolute terms, is also assured: ECB STAFF SEE 2017 EUROZONE HICP AT 1.7% V JUNE 1.8% ECB STAFF SEE 2016 EUROZONE HICP AT 1.1% V JUNE 1.5% ECB STAFF SEE 2015 EUROZONE HICP AT 0.1% V JUNE 0.3% Expect the stock surge to continue, because there is nothing more bullish for risk that confirmation what sent risk higher in the first place isn't working, so even more will have to be used.