Markets Tumble On Draghi Comments

Futures were trading lower throughout the morning after a Spanish bond auction yielded results that were worse than anticipated. Yet, markets fell further still after the ECB's Mario Draghi made comments following the ECB's decision to keep interest rates at 1%. Draghi, who is currently speaking, has thus far stated that the downside risks to the economy currently prevail on the region's outlook. He stated that he anticipated that inflation would fall below 2% in 2013 and that inflation expectations were well anchored. Draghi stated that any talk of an exit strategy was premature. He stated that commodity price gains were a prevailing risk, but that inflation expectations remain well anchored. The US dollar has rallied throughout the morning while the euro has traded lower against the dollar.