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The January ECB meeting will likely be a non-event given that the GC delivered a significant easing package in December. With staff macroeconomic projections also updated at the December meeting and few additional data inputs since then, there is little for the ECB to react to for now. While it is the case that lockdown measures have been tightened across Europe, the path of Covid-19 remains inherently uncertain, making it difficult to tailor monetary policy. The ECB will take time to assess incoming data in order to gauge the impact on economic conditions of the latest Covid setback. In any case, the December PEPP expansion gives the ECB a sufficient buffer to maintain favourable financing conditions in the coming months even if economic activity is dealt a further heavy blow.