ECB starts to think about a tiering system amid a dovish policy stance

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.

Highlights:

  • 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.

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ECB STARTS TO THINK ABOUT A TIERING SYSTEM AMID A DOVISH POLICY STANCE

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