This week's ECB meeting is expected to be a.....>

ECB: This week's ECB meeting is expected to be a non-event. New staff

projections will be published, but most see only minor adjustments to inflation

and GDP forecasts.

- Nomura: No policy changes expected, focus on staff projections. Looking for a

modest downgrade to 2018 and 2019 GDP forecasts, with inflation unchanged.

Language around the economic outlook is likely to be positive. Expect the next

move to be a hike to the depo rate in September 2019.

- TD: Expect an uneventful meeting with confirmation of E15bn/month Q418 taper.

The inflation outlook will determine whether QE is concluded in December.

Unchanged inflation forecast, but downside risks to GDP.

-RBC: No significant policy announcements expected. Although focus will be on

staff projections, expect no change to inflation and GDP forecasts.

-Rabobank: Potential for small downgrade to inflation on the back of currency

strength. The Council is unlikely to provide further detail on reinvestment at

this meeting. Expect ECB to cut purchases to E15bn as of October.

-Natwest: Limited additional policy insight expected at this meeting.