The ECB did not change any policy setting. The ECB provided long-winded forward guidance, the TL;DR on this is that rate hikes from the Bank are way, way off in the future - don't even think about thinking about it. PEPP ... will continue at its current pace in addition to the asset buying program already in place.
At her presser, ECB President Lagarde hinted a debate over QE may occur at the September meeting (this meeting will be accompanied by the release of new forecasts).
If you'd like more:
- Weidmann and Wunsch said to oppose new ECB rate guidance
- The euro climbs to the highs of the day. No dovish magic from Lagarde
- Lagarde Q&A: We want to see at least 2% inflation well-ahead of our projection horizon
- ECB's Lagarde opening statement: Delta a growing source of uncertainty
- Key change to the ECB statement in July
- ECB leaves key rates unchanged in July monetary policy meeting, as expected
