Too Much Information, Mr. Draghi

Mario Draghi was able to bask in triumph for about an hour. The president of the European Central Bank announced a surprisingly bold stimulus package on Thursday, and financial markets were suitably impressed. As soon as he started to explain his reasoning, however, disappointment set in.

Draghi’s first message amounted to “We have plenty of monetary-policy ammunition, and we intend to use it.” His subsequent clarification was “Come to think of it, maybe we don’t have that much.”