ECB re-confirms “very accommodative” policy stance. Interest rates were left unchanged, as expected, with the main refi rate at 0.00%. The central bank still expects rates to be at current or lower levels until inflation has persistently moved higher, which leaves the easing bias in place. On PEPP there was also no change and the ECB left the total envelope steady at EUR 1,850 bln, with purchases to last at least until the end of March 2022.
Stuart Cowell
Head Market Analyst
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