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The ECB unveiled a broad policy package today that underwhelmed those looking for an overwhelming bazooka, economists at TD Securities report. Further details will be released at 14:30 GMT today, following President Lagarde’s press conference. 

Key quotes

“Most notably the ECB did not cut any of its key interest rates. The ECB’s underlying ‘QE unlimited’ program of €20bn/mo continues to run as previously, with forward guidance unchanged.”

We are underwhelmed by the ECB’s response. Today’s action simply does not appear to be what the doctor ordered. In the absence of a coordinated international policy response, the difficulties the region has in delivering fiscal support highlight the region’s underlying macro risks in this environment.”

“We think EUR is likely to head lower into the press conference, although we can’t place an extraordinary degree of conviction on that view.”


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