The most critical asset to be impacted by the ECB – EURUSD – is not reacting and is now actually higher than before Draghi unleashed his mini-LTRO. US Treasury yields are also unchanged – having roundtripped 7bps. But while bonds and FX don’t care – Gold and stocks are loving it… Gold is up $10 from pre-ECB and the S&P 500 – at new record highs – is up 7 points.