3 May 2016
ECB: Expect no policy changes at the June meeting - Rabobank
Research Team at Rabobank, suggests that pending the full implementation of the measures announced in March, the ECB left its policy stance unchanged in April.
Key Quotes
“That said, the central bank did cause a bit of a surprise by being very generous with respect to the details of the Corporate Sector Purchases Programme, both in terms of the level of details given, and in terms of the bonds that are in scope. As we argued in our post meeting comment, the GC clearly tried to cast the net as wide as possible.
Meanwhile President Draghi again tried to kick the ball back into the court of Eurozone government policies and structural reforms.
However, the recent recovery in oil prices, as well as a relatively hawkish Fed-statement, suggest that help for the ECB –at least in the short-run– may actually come from other areas.
We expect no policy changes at the June meeting.”
Key Quotes
“That said, the central bank did cause a bit of a surprise by being very generous with respect to the details of the Corporate Sector Purchases Programme, both in terms of the level of details given, and in terms of the bonds that are in scope. As we argued in our post meeting comment, the GC clearly tried to cast the net as wide as possible.
Meanwhile President Draghi again tried to kick the ball back into the court of Eurozone government policies and structural reforms.
However, the recent recovery in oil prices, as well as a relatively hawkish Fed-statement, suggest that help for the ECB –at least in the short-run– may actually come from other areas.
We expect no policy changes at the June meeting.”