ECB minutes from the October 2016 governing council meeting
(Praet) Core inflation still lacks a convincing upward trend
Members agreed it shouldn't trigger undue expectations for action
Eurozone wage expectations have surprised on the downside
Decision on APP parameter changes should not be separated from policy implications of the inflation outlook
Implementation of APP is smooth, notwithstanding concerns about scarcity
Is fully determined to execute asset buys in line with past decisions
The message from the ECB is 'once bitten, twice shy' in terms of what they will say in Dec. Many of us will remember the market getting all ahead of itself before they upped QE, and was left bitterly disappointed.
