Bloomberg citing ECB sources

  • ECB is said to plan a discussion over the parameters of QE
  • Said to be unlikely to reach QE decision before Oct 26
  • ECB said to study documents on QE scenarios for 2018
  • Scenarios for QE are said not to be formal policy proposals
  • The documents don't identify a preferred scenario
  • Officials may talk about altering their forward guidance on interest rates

Looks like a big punt is coming up in Thursday's decision. The story here is that the staff put together a bunch of scenarios for how to adjust the programme because there just aren't enough bonds to buy and it's unclear if it's needed anymore.

An ECB leak the day before the decision is poor form, even by in Europe, where everything leaks.