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Lagarde: PEPP Envelope Need Not Be Used In Full

ECB

Apparent confusion as BBG initially runs a bad headline from ECB Pres Lagarde's press conference statement, *LAGARDE: PEPP ENVELOPE WON'T BE USED IN FULL - later corrected as instead she said "need not be used in full".

The full quote is "if favorable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full. Equally, the envelope can be recalibrated if required to maintain favourable financing conditions to help counter the negative pandemic shock to the path of inflation."

Still short of what doves may have hoped on signalling re use of full envelope.

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