October 25, 2018

ECB still on course to normalize policy despite more muted growth outlook

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In Short

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.
ECB still on course to normalize policy despite more muted growth outlook
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Highlights:

  • 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.
  • While acknowledging that the growth momentum weakened, the growth risks remain still balanced in the eyes of the ECB.
  • The ECB’s base case is an orderly Brexit and a solution of the conflict between Italy and the EC.
  • The post-QE reinvestment policy was again not discussed.
  • We continue to expect a first (depo) rate hike in September 2019.

Download the full publication below

ECB STILL ON COURSE TO
NORMALIZE POLICY
DESPITE MORE
MUTED GROWTH OUTLOOK

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