Lagarde also flying in the clouds under the stars/GDP and claims data rundown

There were no surprises with the ECB as they continue to fly in the clouds under the stars, like the Fed and every other central bank at this point. They seem intent on focusing on the length of time with monetary tightness rather than the level in that rates will likely stay at current levels for a while. While QT continues on too, they are still reinvesting maturing proceeds from their pandemic QE program (PEPP). Lastly, they said they would use their emergency bond buying powers if bond yields got unruly in any one country. On the likely hold for a while, and reiteration that they will keep yield spreads relative to Germany in line, European bonds are bouncing and yields dipping while the euro is down a touch around the $1.05 level. 

If the GDP price deflator came in as expected at 2.7% instead of coming in at 3.5%, real GDP in Q3 would have been 5.7% instead of 4.9%, though still above the estimate of 4.5%.