ING Research discusses its reaction to today's ECB meeting.
"Let’s start with communication. Here, the ECB clearly overpromised and underdelivered. Hardly anything changed, except for some restructuring of texts and adding some coloured headlines. The new bottles had a lot of scratches and dust at delivery," ING notes.
"Today’s decision to stick to the front-loading of asset purchases in our view implies that there will either be significant tapering in the fourth quarter of the year or that the envelope could be increased, pushing an end of the Pandemic Purchase Programme (PEPP) beyond March 2022," ING adds.