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(3/3) Views continued: - BAML: Think 1st...>

ECB VIEW
ECB VIEW: (3/3) Views continued:
- BAML: Think 1st step of gradual change in language starts at March meeting
with removal of idea QE could be increased. Also scope for upward revision to
staff forecasts. ECB to wait until June/July on QE announcement.
- Soc Gen: Given heightened market sensitivity, it is likely too early for ECB
to contemplate changes to APP guidance, however new forecasts could point to
slightly higher growth and inflation this year

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