Markets are no longer pricing a rate cut next year.Economists in the survey expect the Governing Council to change its guidance on future policy by September. At the same time, the eurozone economy is just limping along, with year-over-year growth of 1.1% in the second quarter.Here’s a look at what banks are expecting out of the ECB.The yield on the 10-year bund
The ECB will announce its decision at 1:45 p.m. local time (7:45 a.m. Eastern), followed by a news conference with President Mario Draghi at 2:30 p.m. Economists at … If there’s one thing that observers agree on with respect to Thursday’s European Central Bank meeting, it’s that policy makers will announce a series of loosening measures that won’t really make much of a difference to the struggling European economy.The ECB will announce its decision at 1:45 p.m. local time (7:45 a.m. Eastern), followed by a news conference with President Mario Draghi at 2:30 p.m. Economists at Goldman Sachs said most of the measures will be revealed in the announcement, rather than the Draghi press conference.“Failure to act now when the inflation outlook is weakening and, especially, not using the most effective instrument (QE), would signal a remarkable change in ambition,” said Anatoli Annenkov, an economist at Société Générale, referring to quantitative easing, which the ECB could restart by resuming monthly bond purchases. The latest data, from August, shows inflation running a full percentage point below its target of nearly 2%.
Respondents predict demand will be 120 billion euros. The European Central Bank left monetary policy unchanged during its July meeting, as policymakers took a wait-and-see approach to assess the effectiveness of a series of unprecedented measures taken over the past four months to support the bloc's economy amid the coronavirus crisis. A majority expect the Governing Council to agree to flexibility around the inflation goal, allowing price growth to overshoot or undershoot for a while.They were split on whether the current target of “below, but close to, 2%” will be tightened. By using this site you agree to the It suggests her review will have to investigate other ways of using the ECB’s toolkit to revive inflation.“We don’t think they are going to ease, but if they were going to ease the pressure to do something else rather than cut rates is going to be quite high,” said Peter Schaffrik, a global macro strategist at RBC in London.
That’s a turnaround from the previous survey which predicted more easing in June.
Welcome to the live blog – 15 minutes to go before the ECB’s rate decision and anticipation is high. Markets lift amid rate cut.
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