A Reuters poll has few traders plumping for a cut in the ECB deposit rate at the upcoming meeting and nearly all of them (21/23) say that a cut wouldn’t help interbank lending anyway.

“What is left to cut” said one trader “They are as low as they can go and either way that is not going to help interbank lending”

The ECB are facing a ticking clock. The first TLTRO comes online this month but it will be a few months before we see the effects. How far will the ECB allow the economy/inflation to fall before they step in with other tools? I tend to think we get a load more talk but little action on Thursday.