- At today’s meeting the ECB left its forward guidance unchanged as it continued to expect rates to remain at current levels “at least through the end of 2019”.
- Details about the forthcoming TLTROs were not yet provided. They will depend on the assessment of the bank-based policy transmission channel and the further economic development.
- Moreover, the ECB will assess the negative economic side effects of negative interest rates.
- Draghi maintained a dovish tone at today’s press conference. The EUR softened against the USD while 10Y Bund yields receded.