Opening statement from Draghi
The only change so far is that he says the gov council sees better momentum in the economy via sentiment indicators.
QE to be cut to €60bn in Apr and run until Dec, at least
QE can be adjusted and expanded at any time
ECB wants to see sustained inflation pickup
Survey results suggest recovery may broaden
2017 GDP 1.8% vs 1.7% prior
2018 1.7% vs 1.6% prior
2019 1.6% vs 1.6% prior
Risks still tilted to downside
ECB sees no convincing upward trend in underlying inflation (core)
Headline CPI likely to remain close to 2.0%
Measure of underlying CPI likely to remain low over med term
2017 CPI 1.7% vs 1.3% prior
2018 1.6% vs 1.5% prior
2019 1.7% unch
The CPI numbers are broadly in line with the leak but as expected, the euro isn't bothered. So far the upward pressure is coming on comments of the improvement in the recovery, which infers that the ECB may taper sooner. That said, EURUSD is sitting right smack in the middle again and the moves so far are marginal in real terms.
Other policy actors need to do more
Structural reforms need to be stepped up
All EZ countries need to step up efforts
Same old same old, statement over.
