BofA on today's German court ruling:.......>

ECB VIEW: BofA on today's German court ruling: "PSPP and PEPP may be able to

continue for now, but their longevity and flexibility is potentially damaged.

Constitutional court interventions will not become less, but possibly more

prominent, and the risk of the Bundesbank not being able to participate in

future is not just theoretical."

- "We stick to our ECB call: ultimately, PEPP will have to double in size. Not

doing so would a) threaten Euro area cohesion and b) ex ante suggest the ECB

thinks it overstepped its mandate."

- "But markets should take the legal risks seriously. That means the credibility

of PEPP may be lessened, and with it its impact. We maintain our bullish

duration bias and remain cautious on the periphery."