After Thursday's European Central Bank announcement and press conference from President Draghi ...

Looking forwards, Barclays baseline policy scenario remains broadly unchanged.

  • They believe that "prudent risk management will prevent the ECB from announcing this year the tapering of QE towards zero. We therefore retain our baseline policy view and expect the ECB in October to announce the extension of its present QE programme to H118 at a reduced pace of EUR 35-40bln per month. We believe that this would be followed before June next year by a further extension of QE to H218 at a pace of EUR 15-20bln. We also expect the ECB to deliver in mid- and end-2018 depo rate hikes of 10bps."

If you are after highlights of other bank/analyst responses to the ECB, check out RANSquawk's summary here (by Anthony Barton)