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ECB Preview: Time for Inaction

  • We do not expect material changes to the ECB stance at next week’s meeting, hence a
    readiness to act given the highly uncertain economic and inflation outlook will remain.
  • With no new policy signals to act as catalyst, we stay neutral on markets through the
    press conference. In fixed income, we continue to expect range trading driven by the
    offsetting factors of increased supply and large PEPP purchases.
  • We expect Lagarde to be questioned on the Fed’s recent AIT decision and implications
    for ECB’s ongoing strategic review as well as the stronger EUR and its implications for
    the subdued inflationary outlook

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