Central Banks

ECB minutes response – ‘protracted soft patch, but … a more solid growth rate H2’ expected

ICYMI the European Central Bank  April monetary policy meeting minutes overnight, Justin was all over them:

Adding some comments via ING (in summary):

  • members … acknowledged that there is a more protracted soft patch
  • they believe a more solid growth rate in the second half of the year is still to be expected
  • risks surrounding the growth outlook remained tilted to the downside
  • Underlying inflation remains muted and inflation expectations have declined.
  • Council still thinks that stronger wage growth should lead to higher inflation and that there is still no sign of inflation expectations becoming unanchored
  • pricing of the new TLTRO-III operations should be data-dependent and take into account a thorough assessment of the bank-based transmission channel of monetary policy, as well as further developments in the economic outlook.

Earlier EUR related post here:

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