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ECB: Bloomberg Sources: May Drop “Restrictive” Label At March Meeting

ECB
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  • Bloomberg has run its post-ECB sources piece (full here) which says the ECB may stop describing its monetary policy stance as “restrictive” at its next decision in March.
  • “With another quarter-point cut in borrowing costs highly likely then, bringing the deposit rate down to 2.5%, such a level may not fully deserve that label anymore, said the people, who asked not to be identified citing confidential discussions."
  • "A change in that terminology in the ECB’s statement is therefore something officials will weigh when they next discuss monetary policy, they said."
  • It follows an earlier Reuters sources piece which reported that “a further European Central Bank interest rate cut is likely to go through in March without much resistance among policymakers before the debate between them on further easing becomes more heated."
  • The latter lines up with the MNI policy team’s pre-meeting ECB sources piece and isn’t dissimilar to what is reflected in current EUR short end pricing.
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  • Bloomberg has run its post-ECB sources piece (full here) which says the ECB may stop describing its monetary policy stance as “restrictive” at its next decision in March.
  • “With another quarter-point cut in borrowing costs highly likely then, bringing the deposit rate down to 2.5%, such a level may not fully deserve that label anymore, said the people, who asked not to be identified citing confidential discussions."
  • "A change in that terminology in the ECB’s statement is therefore something officials will weigh when they next discuss monetary policy, they said."
  • It follows an earlier Reuters sources piece which reported that “a further European Central Bank interest rate cut is likely to go through in March without much resistance among policymakers before the debate between them on further easing becomes more heated."
  • The latter lines up with the MNI policy team’s pre-meeting ECB sources piece and isn’t dissimilar to what is reflected in current EUR short end pricing.