Equity bulls, which nearly everyone is these days, received some supposed great news today from two of the world's most prominent central banks. First, with its next policy meeting less than two weeks away, European Central Bank (ECB) President Mario Draghi, speaking to the Euro Banking Congress in Frankfurt, said...

... We will do what we must to raise inflation and inflation expectations as fast as possible, as our price-stability mandate requires.

To which he added...

... If on its current trajectory our policy is not effective enough to achieve this, or further risks to the inflation outlook materialize, we would step up the pressure and broaden even more the channels through which we intervene, by altering accordingly the size, pace and composition of our purchases.

The market is interpreting Draghi's statements as a sign that the ECB is close to implementing a sovereign debt based QE program, maybe as early as its next policy meeting.

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