###(1/2) Views mixed on likely changes.....>

ECB VIEW: ###(1/2) Views mixed on likely changes to ECB forward guidance Thur

- Morgan Stanley: Likely to see small changes in language (no longer says ECB

stands ready to increase QE but leave duration) at press conference to prepare

markets for end of QE in Q4 2018.

- TD: Think it's more likely that all the key language remains unchanged. We

don't believe that there has been enough progress in underlying inflation to

support a change in guidance quite yet. June meeting more likely, since ECB

should also announce plans for its QE after Sep - extend, taper, or stop.

- Commerzbank: ECB Council is likely to discuss its forward guidance. May drop

statement that it would increase QE if necessary. However, in view of statements

from some ECB Council members as well as recent CPI trends, we believe the

Council is more likely to postpone its decision once again.

- Barclays: We do not expect any change to the monetary policy set-up, and we

expect the forward guidance to be left unchanged, both for the APP and for

interest rates. Maintain view change will be in April. See staff forecasts

revised up in both growth & inflation..