ECB - Preparing for a rate cut
Overview: The ECB left leading interest rates unchanged but is preparing for a rate cut. At the press conference they softened the tone on economic growth and stressed the downward risk to growth stemming from the financial turmoil. They also softened the tone on inflation and dropped their key policy phrase "On the basis of our assessment, the current monetary policy stance will contribute to achieving our objective", indicating that there has been debate on this in the Governing Council.
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ECB: Preview of meeting on October 2
Overview: We expect the ECB to leave rates unchanged but enter a transition phase towards an easing bias. We expect a softer tone as the Council is becoming increasingly nervous about the economic situation. The ECB is facing several of its risk scenarios. The outlook for inflation is increasingly favourable and the output gap is declining. Furthermore the economic outlook is looking increasingly weak - not least due to the ongoing financial crisis. In our view, the ECB is set to respond with
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ECB: Preview of meeting on October 2
Overview: We expect the ECB to leave rates unchanged but enter a transition phase towards an easing bias. We expect a softer tone as the Council is becoming increasingly nervous about the economic situation. The ECB is facing several of its risk scenarios. The outlook for inflation is increasingly favourable and the output gap is declining. Furthermore the economic outlook is looking increasingly weak - not least due to the ongoing financial crisis. In our view, the ECB is set to respond with
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