ECB minutes: Rate expectations remain well anchored by ECB guidance

Author: Justin Low | Category: Central Banks

ECB releases the minutes of its April policy meeting

  • Optimism regarding global growth had also been the key driver of stock markets
  • Sovereign yields and spreads had remained compressed
  • Euro exchange rate had appreciated only slightly
  • Incoming data also pointed to a continued recovery in global trade
  • Short-term indicators pointed to a recovery starting in the second quarter of 2021
  • Risks to the euro area growth outlook continued to be on the downside in the near term, but remained more balanced over the medium term
  • It was important to highlight that calibrating purchases under PEPP so as to counter the adverse effects of the pandemic on the medium-term inflation outlook
  • Full minutes
Nothing that we don't already know from the ECB since the meeting last month. Carry on as you will.

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