Someone's asked directly

  • We did not discuss removing the easing bias in interest rates
  • The easing bias is linked to inflation

Again, that's fine for now and he's not going to tip his hand anyway, if something is going to happen in June.

Tying the language bias to inflation also gives him more legroom and that perhaps rules out moving the deposit rate ahead of the end of QE.

EURUSD down to 1.0865 now.

  • The risk of trade protectionism may have receded (not read the papers recently then Mr D?)
  • Growth is not part of our mandate, its inflation for the whole of the Eurozone
  • Support for the euro remains pretty high
  • The pace of structural reforms have slowed down recently (did they ever speed up?)