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5 Aug 2014
ECB in a transition period - BAML
FXStreet (Guatemala) - Analysts at Bank of America Merrill Lynch said that they expect no action from the ECB at next week's meeting.
Key Quotes
"The central bank will probably highlight that this is a transition period, before TLTROs kick-in in September, and the AQR is concluded in October”.
“President Mario Draghi is also likely to downplay the surprise in inflation but discuss the range of risks surrounding the ECB's economic outlook, arguing that the central bank is ready to act, should risks materialize."
"Absent any clear statement of concern on inflation - which would impact bond yields through increased pricing of QE - the rates market is likely to take its lead from ECB comments on (1) the health of the euro area banking system, following the stress in Portugal, and (2) the potential amount and timing of TLTRO borrowings."
Key Quotes
"The central bank will probably highlight that this is a transition period, before TLTROs kick-in in September, and the AQR is concluded in October”.
“President Mario Draghi is also likely to downplay the surprise in inflation but discuss the range of risks surrounding the ECB's economic outlook, arguing that the central bank is ready to act, should risks materialize."
"Absent any clear statement of concern on inflation - which would impact bond yields through increased pricing of QE - the rates market is likely to take its lead from ECB comments on (1) the health of the euro area banking system, following the stress in Portugal, and (2) the potential amount and timing of TLTRO borrowings."