Further remarks by Lagarde

  • Confident about ending PEPP in March
  • In December, we need to give some clarity to markets
  • There are ways to give clarity without making long-term commitments
  • ECB would like to err on that side but stands ready in both directions

In terms of commitment, she's largely referring to the next steps on APP purchases or should I say "life after PEPP" for the ECB. Markets are expecting some assurances and firmer direction but Lagarde seems to want to steer clear of that for now.