###(2/2) VIEWS CONTINUED: - Jefferies:.....>

ECB VIEW: ###(2/2) VIEWS CONTINUED:

- Jefferies: Likely a non-event with Draghi saying little new relative to June

but will come point some time later this year to clarify reinvestment policy.

- Danske: Expect no new policy signals, focus on potential communication on

short-term downside risks. See no formal announcement on operation twist, no

deviation from capital key & no clarification on timing of interest rates. 

- TD: Don't expect any substantial changes to statement, focus on Q&A, with

questioning likely on ECB forward guidance. Maintain call for 15bp rise in

deposit rate in Sep 2019.

- Commerzbank: ECB GC likely to keep all doors open. Formal decision on end of

QE likely at Sept meeting, while pencil in first rate hike in Sep 2019.

- JP Morgan: The broad policy guidance is expected to stay relatively steady,

wildcard seen as tweaks to the ZIRP outlook ("the summer" is relatively vague

and should Draghi suggest earlier stages of that season, would be hawkish)

- Nomura: Seems likely ECB's language on economic outlook will remain relatively

upbeat. Draghi likely to be coaxed into providing more details in Q&A.