ECB Leaves Rates Unchanged

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    ECB interest rate on the main refinancing operations…



    Draghi Press Conference Highlights:

    Forecast revisions go ‘in the right direction’
    Corporate bond purchases were not discussed. They’re a more remote possibility now than 6 months ago
    The forward guidance on interest rates is unchanged
    The news on inflation remains somewhat muted
    The design of the QE program was not discussed today
    The economic recovery is more advanced in the US than in Europe, especially relating to wages
    ‘Vast majority’ of ECB wants open-ended asset purchases
    Losses from corporate-debt programs are not unusual, but have been ‘exaggerated’
    Likelihood of economic downturn very, very small
    The muted response to wages is way, way slower than in the past
    Slow wage inflation gives us caution about making pronouncements about inflation
    We never discuss a sudden stop to QE

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