ECB: No surprises in Draghi’s speech - TDS

Analysts at TDS note that ECB President Draghi's speech at Sintra this morning was largely in line with what they would have expected, essentially repeating the message from last week's ECB meeting.

Key Quotes

“Interestingly for markets, he also added that, "This enhanced forward guidance clearly signals that we will remain patient in determining the timing of the first rate rise and will take a gradual approach to adjusting policy thereafter. The path of very short-term interest rates that is implicit in the term structure of today's money market interest rates broadly reflects these principles." The final part of the paragraph seems to be an implicit thumbs up from Draghi to current market pricing, which has shifted to price in only about 15bps of rate hikes before the end of 2019.”