Hey, hey, its ECB Day! (Just minutes from the September meeting, but still)




A quickie preview of what is to come of the European Central Bank today … in fact the interest in the minutes is in search of clues to QE ‘tapering’Via HSBC:

  • In line with our expectations of the market, in September, the ECB left all the rates unchanged and announced no changes to advice or to make an announcement on the future of QE after the month of December.
  • However, there was a preliminary discussion within the Governing Council on the possible scenarios for QE after the month of December, with unofficial sources suggesting the «possibilities discussed have included but not limited to the cutting of asset purchases to 40, or 20 billion euros per month, with expansion options, including a six-month or nine-month» (Reuters, 8 September).
  • The minutes may give us a flavour of the discussion that took place.



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