- As expected, key rates remained unchanged; the ECB committed itself to leave them at the present level for at least through the summer of 2019 while confirming that QE will end in December 2018.
- The ECB’s macro outlook remained positive. Growth risk still viewed as balanced with rising protectionism as the biggest downside risk.
- The post-QE reinvestment policy was again not discussed.
- We continue to expect a first (depo) rate hike in September 2019.