Barclays Capital Research comments on today’s ECB policy decision noticing that the central bank made a (largely-expected) change to its forward guidance to make it marginally less accommodative.
“We deem this consistent with the improving growth outlook and its revised assessment of risks, which were upgraded from “downward” to broadly “balanced”. Nonetheless, the inflation outlook remains weak and was slightly downgraded on the back of weaker oil prices.
Overall, we retain our view that the ECB will maintain QE and the negative depo rate in 2018 but with less QE and a less negative depo rate,” Barclays argues.
Source: Barclays Research
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