Spain’s two-year bond yields have collapsed to a record low -35bps this week and Portugal's followed suit, plunging near record low levels as Draghi's "whatever it takes" has benefited all those front-running bondholders but left youth unemployment hovering still near record-high levels.

As a strong euro weighs on the region’s inflation outlook, it makes it harder for the European Central Bank to end quantitative easing and negative interest rates, said Peter Chatwell, head of European rates strategy at Mizuho International Plc in London, and sure enough today's reports that Draghi's Jackson Hole appearance will be a nothing burger has sparked more anticipation that QE isn't ending anytime soon, despite better-late-than-never complaints from the Germans.

"Whatever it takes" to keep asset prices high!