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What happened to Mario Draghi’s silver tongue?

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Mario Draghi’s message may not have got through.

For a guy with a reputation as the master of the usually subtle art of central-bank jawboning, European Central Bank President Mario Draghi had a rough 24 hours. Draghi provided some of the few fireworks in an otherwise placid global market environment on Tuesday, when he told an audience at the ECB’s annual forum in Portugal that “deflationary forces had been replaced by reflationary ones.” That, and similar remarks elsewhere in the speech, triggered a rally by the euro and a selloff in European government bonds, sending yields higher.

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