• Draghi repeats that ECB doesn't want to cut further or print more money
• Bonds and stocks pouted about that
• 10yr yields stayed above important 1.84% level
• Minimal reprices as most damage was already done overnight

Remember when "the  ____est number of Jobless Claims in ____ years" would have gotten markets moving?  Or how about when Philly Fed Index comes in more than 10 points under the consensus?  Both happened at 8:30am (lowest claims in 43 years and a 10.5 point miss in Philly Fed) , but markets couldn't care less.  All eyes were on the European Central Bank's post-announcement press conference.

While it wasn't necessarily a surprise, markets still managed to find a way to throw a bit of a fit when Draghi said that further rate hikes weren't likely at the last ECB meeting in early March.  Today was his chance to amplify or retract, so it's little surprise that bonds stayed red when he doubled down on his "no more allowance until you clean your room" thesis.

In a moment of noticeable physical agitation, Draghi seemed to speak directly to German financial officials in saying that the ECB policies need time to take root, and if anyone messes with them, they would unwittingly bring about more of the same policies they were just trying to stop.  In other words, Draghi said "Hey Germany, if you don't like QE and negative rates, make SURE not to try to end these policies, because if you do, we're just going to need to push rates lower and drop money out of helicopters to get the economy back on track." 

The emphatic nature of those particular responses suggested that Draghi was covering for the fact that the committee doesn't want to push rates any lower or enact any new policies.  Stocks and bonds reacted the same way they always do when a major central bank stands pat on increased accommodation: they sold off.  

Bond markets had already gotten a lot of their selling out of the way yesterday and overnight--you know... just to be safe (or because of oil?).  Either way, Draghi's press conference only made for a small additional sell-off in terms of outright levels.  The worst result was simply the fact that 10yr yields held above the important 1.84% technical level, officially confirming the end of recent sideways trend centered on a range 1.72 and 1.80.

MBS didn't fare much better today, losing an eighth of a point in Fannie 3.0s.  Again, it's not so much that eighth that hurts as much as it's the half point from yesterday's highs.