###(2/2) HSBC: Believe QE announcement.....>

ECB VIEW: ###(2/2) HSBC: Believe QE announcement will not happen until Oct

meeting & maintain view that tapering will be gradual through 2018. See

inflation forecast revised down by 0.1bp and growth to be revised higher.

- ING: Draghi may hint at upcoming taper announcement, but likely retain dovish

tone, potentially reinforced by a downward revision to ECB's CPI forecasts.

- MS: Unlikely to announce QE tapering, more likely in Oct. Nonetheless see ECB

removing possibility of raising monthly purchases, but continue to say could buy

for longer. CPI projections to fall but show upward trend.

- Citi: Expect GC to signal extension of QE beyond Dec but to unveil decision in

Oct or Dec meeting (expect E150bn envelope for 1H-18). Task committees to look

at QE options. Expect downward revision to its 2018/19 CPI projections.

- Nordea: Expect ECB to prepare the ground for next tapering decision, but wait

for Oct meeting to announce extension of QE at reduced rate.

- Soc Gen: See ECB announcing 6-month extension to QE at E40bln p/m as see no

material benefit in waiting. 2018 headline CPI could be cut by 0.2bp but 2019

forecast little changed.