ECB minutes response - 'protracted soft patch, but ... a more solid growth rate H2' expected

ICYMI the European Central Bank April monetary policy meeting minutes overnight, Justin was all over them:

• ECB minutes: Confidence in recovery in 2H 2019 somewhat lower

Adding some comments via ING (in summary):

• members … acknowledged that there is a more protracted soft patch
• they believe a more solid growth rate in the second half of the year is still to be expected
• risks surrounding the growth outlook remained tilted to the downside
• Underlying inflation remains muted and inflation expectations have declined.
• Council still thinks that stronger wage growth should lead to higher inflation and that there is still no sign of inflation expectations becoming unanchored
• pricing of the new TLTRO-III operations should be data-dependent and take into account a thorough assessment of the bank-based transmission channel of monetary policy, as well as further developments in the economic outlook.

Earlier EUR related post here:

• EUR/USD - corrective rebound, 1.1190 resistance