• Deposit facility rate -0.50%
  • Main refinancing rate 0.00%
  • Marginal lending facility 0.25%
  • ECB expects APP purchases to end shortly before it starts raising the key rates
  • Rates "to remain at their present or lower levels until it sees inflation reaching 2% well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and it judges that realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at 2% over the medium term"
  • This may also imply a transitory period in which inflation is moderately above target
  • ECB stands ready to adjust all of its instruments, as appropriate, to ensure that inflation stabilises at its 2% target over the medium term
  • Full statement

There is one subtle change in that the ECB has taken out a reference on policy change "in either direction" but otherwise, it is largely a copy pasta of previous statement summaries. Even the change mentioned isn't anything substantial in my view, so it's now all on Lagarde to really plead her case on how they are going to go about dealing with pressure on the inflation front.

ECB 02-2022