According to Carsten Brzeski, Chief Economist at ING, the ECB just took another important step towards a gentle end of QE as it just announced that it “anticipates” an extension of QE from September to December at 15bn euro per month, from currently 30bn, before ending the net purchases in December.
“At the same time, the ECB became a bit more vocal on forward guidance and sequencing by stating that it expects interest rates “to remain at their present levels at least through the summer of 2019”.”
“A clear sign that sequencing is longer than six months.”
“The hawks finally got their end-date for QE, while the doves still have their open door for more if needed.”
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