Jul 5
ECB Review: no surprises
As expected, the ECB left all the rates unchanged, with the refi standing at 1.00% , and unveiled the relevant details of the upcoming covered bonds purchase program. The main points of today’s press conference are. On the "traditional" monetary policy front: The ECB confirms that the 1.0% refi rate level is appropriate at this time, but also that it is not a pre-decided floor . We still believe rates will remain at 1.0%, as long as that the ECB’s (and our) baseline scenario holds. Staff
