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Morgan Stanley sees risks the ECB QE............>

ECB
ECB: Morgan Stanley sees risks the ECB QE announcement could be delayed, in a
note out earlier today. 
- At Sep meeting, MS looks for 10bps cut to -0.50% (with mitigation measures for
neg rate impact), and E30bln/monthly for 9-12 months.
- This is down from prev. expectation of E45bln/monthly for at least a year.
- And MS now thinks risk is that it could be delayed: "not so much because of
the pushback from the more hawkish side of the Gov. Council but rather because
more neutral, swing members such as [Villeroy] appear doubtful too."
- MS suggests paying Mar 2020 ECB OIS and/or short Schatz futs.
- Hearing from market sources that this MS call could be weighing on German FI.

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