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MARKET INSIGHT
  • The ECB policy decision will be at 12:45GMT (i.e. during the BOE press conference) with the ECB press conference due at 13:30GMT. Given the policy announcements in December, no material policy innovations are expected at the February meeting. However, today's meeting will present a communication challenge for the ECB as it attempts to affirm the baseline scenario (subsiding inflation this year, no near-term rate hikes) at a time when the Fed and BoE have become more hawkish and inflation fears have been rising globally. This is particularly the case following the upside surprises to this week's inflation data across the Eurozone. With that in mind, the ECB could opt to retain some optionality by stressing that inflation forecasts carry a high degree of uncertainty and that there are upside risks to inflation (perhaps citing the risk of persistent energy price pressures). Our full ECB preview is available here.
  • Fed Governor nominees Raskin, Cook and Jefferson are due to testify before the House at 13:45GMT. The pre-released initial comments from the three didn't reveal any major talking points with a summary provided by our policy team here.
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