September 13, 2018

ECB on course to end QE amid high confidence in growth and inflation 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 on course to end QE amid high confidence in growth and inflation 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.
  • 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.

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ECB ON COURSE TO END QE AMID HIGH CONFIDENCE IN GROWTH AND INFLATION OUTLOOK

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