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Previewing the European Central Bank’s monetary policy meeting next week on June 4th, “the focus of the June meeting will likely be the expansion of the PEPP that the ECB has telegraphed,” said TD Securities analysts.

Key quotes

“We’re onside with consensus in looking for an increase of €500bn, leaving the PEPP running into 2021.”

“This will be easily justified by an unprecedented downgrade in growth forecasts, as the PEPP was introduced only at the beginning of the steep slide in growth expectations.”