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Post-ECB views - Dr Christophe Balz at.....>

ECB VIEW
ECB VIEW: Post-ECB views
- Dr Christophe Balz at Commerzbank writes "even the likely end of net purchases
at the end of the year will not be a major event. Draghi will then point out
that the ECB will continue to reinvest maturing bonds for a long time to come,
holding nearly a third of all government bonds which will permanently lower
government bond yields"
- Christel Aranda-Hassel at Mizuho argues "In contrast to January, President
Draghi was more successful when it came to the tweak presented in a dovish
wrapping" and she sees the key point that the ECB is reactive not pro active.
- Phillipe Gudin and Antonio Garcia Pascual at Barclays "the inflation
projection for 2019 was revised down slightly, to our surprise, due to volatile
components"
- Rabobank note "When asked about the timing of the ECB giving guidance on what
will happen in H2, Draghi played his cards close to his chest (giving nothing
away and keeping his options open) by simply saying 'information will follow our
gradual assessment of the convergence of our inflation path to our objective'"

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