There was a brief wobble for markets during the early afternoon after Mr Draghi said no to any rate cut for the eurozone. However, indices rapidly stabilised after they remembered the more important rumour, that QE3 might finally be on its way in the US. The ECB didn’t hint at any liquidity boosts so all eyes now turn to Washington. Both the Fed’s vice-chairman and chairman will make speeches over the next 24 hours, and, so the theory goes, the spate of weaker US data means that intervention must be on its way. Markets might of course be setting themselves up for a fall in the coming days if we don’t get any supportive words, but for now the optimists are in full control.