ECB Minutes: Dovish tone – TDS


In view of analysts at TD Securities, the tone of the latest ECB minutes was tilted towards a dovish side, acknowledging that near-term growth is likely to be weaker than expected but more data is still needed to assess more medium term impacts.

Key Quotes

“This is consistent with the view that the soft patch in data is likely temporary, but amid higher uncertainty it may take longer to gain clarity.”

“The main development in the minutes was on the discussion over TLTROs, notably that the analysis around these operation should be swift but any decisions around their use should not be taken hastily. This reads to us that the decision to pull the trigger is unlikely in the near term, and we continue to expect that they are unlikely to announce new TLTROs in March.”

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