ECB minutes
- Should consider adjusting guidance if progress made
- Can't rule out cut in inflation outlook in June
- Broadly agreed configuration of risks improved
- Brexit and China rebalancing are key sources of uncertainty
- Any substantial communication change must be supported by evidence that growth creating inflation
The ECB put the focus on its upcoming June forecasts for what could be the start of a pivot in monetary policy. We learned last week from a report that the ECB has tentatively planned to start talking about a better outlook in the Summer and the reveal plans to taper QE buying in September.
No reaction in the euro to the data.
