### (3/3) ECB views continued: - TD........>

ECB VIEW: ### (3/3) ECB views continued:

- TD Securities: Look for ECB to keep its 1245GMT press release unchanged.

Draghi to push back against Euro strength. Don't believe ECB needs or even

should change forward guidance, but if does change in March then will be on

reaction function rather than language that ties QE to inflation.

- Barclays: Expect Draghi to look to steer both rate expectations and term

premia gradually higher without triggering a more aggressive bearish move in the

market. Do not believe Draghi will completely rule out changes to GC's current

forward guidance completely as he did in December.

- HSBC: With ECB concerned inflation may not return to target in a sustainable

manner, we expect no change in policy or language in Jan, although meeting it

clearly going to be more exciting than previously expected.

- Jefferies: Suspect ECB to wait until March to make announcement on forward

guidance. Key question will be if Draghi concedes some ground to the more

hawkish colleagues.