Central Banks

June European Central Bank minutes due on Thursday – doubts on relevance

A preview of the ECB minutes, June 2019 meeting, due 11 July 2019 at 1130GMT.

The ECB minutes are of interest, but perhaps less so than usual given that at his press conference following the meeting President Draghi was keen to point out that the Governing Council  of the Bank discussed options for a rate cut and a reboot for QE. Draghi further emphasises the easing bias in his speech since the meeting at Sintra, in a nutshell he said that in “the absence of improvement… additional stimulus will be required”.

 

Given these clear nudges from Draghi I wonder how relevant the minutes are – we have been given a clear indication the Bank is thinking more stimulus will ne needed. Still, look out for clues in the minutes as to whether moves at the ECB 25 July meeting are on the cards, although September does seem more likely. 


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