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Jul 22 - 06:55 PM

EUR: ECB Likely To Scale Down Its Bond Purchases In The Fall - Nordea

By eFXdata  —  Jul 22 - 03:00 PM

Nordea Research discusses its reaction to today's ECB policy meeting. 

"New guidance stipulates inflation will need to rise to the target already around the middle of the forecast horizon and actual core inflation needs to show sufficient progress for the ECB to consider hiking interest rates...The ECB stopped short of committing to keep rates low amidst higher inflation pressures, and left itself plenty of discretion – as a result the new guidance may not change the ECB outlook all that much," Nordea notes. 

"The initial dovish market reaction was followed by some volatility. We expect the ECB to scale down its bond purchases in the autumn, and also see renewed upward pressure on bond yields after the summer," Nordea adds. 

Source:
Nordea Research/Market Commentary

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