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MNI ECB Preview - July 2021: From Placeholder To Live Event

Following the earlier than expected publication of the strategy review, the July GC meeting is likely to see a change to the forward guidance.

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July Meeting Transformed From Placeholder To Live Event

  • The earlier-than-expected publication of the strategy review has transformed the July GC meeting from a placeholder to a live event.
  • Any material changes in policy are still likely to be on hold for September (or possibly December), but changes to the forward guidance and additional communication around the strategy review implications could be market moving.
  • Clarification of the new buzzwords "forceful" and "persistent", as well as the extent to which inflation deviations from target will be tolerated, are likely to be a focus during the press conference.
For the full publication, please see:

ECB Preview July 2021.pdf