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The European Central Bank will likley adjust its forward guidance in line with its revised symmetrical inflation-targeting strategy on Thursday, though some Governing Council members may resist further significant modifications.
The ECB could state its willingness to tolerate a moderate, transitory overshoot of its new 2% target, which replaces the old objective "close to, but below, 2%". While its current guidance already commits it to leaving key interest rates unchanged until inflation "robustly" converges close to its objective, its new formulation could also take on Isabel Schnabel's call for underlying inflation dynamics to visibly reflect changes in the medium-term outlook.
Financial market analysts largely see a shift in policy guidance, but no shift in actual policy in July.