###(2/2) Views continued: - CSFB: Expect...>

ECB VIEW: ###(2/2) Views continued:

- CSFB: Expect ECB to be on hold but deliver a modest hawkish shift in tone at

press conference. Think ECB drop its symmetric policy bias that its prepared to

ease further if economic or financial conditions deteriorate but doubt will

provide specific end date for QE or when rates will rise.

- BNP: On balance ECB to opt for safe option and restate key aspects of its

forward language. Overall message should resemble Jan's meeting that patience

and persistence are still warranted. See FG change in April or June, end QE in

Dec after short taper and deliver first depo rate hike in June 2019.

- Nomura: Easing bias of QE (stand ready to increase QE in terms of size and/or

duration) will probably be dropped or at least amended. Staff forecasts to

reflect heightened optimism on growth and inflation.

- Lloyds: Believe it is too early for majority to agree to forward guidance

change due to inflation remaining subdued. See relatively "dovish communication"

by Draghi to persist for now.