ECB: More dovishness in several fronts

Summary

The ECB strengthened its forward guidance on rates, with no rate hikes at least through the first half of 2020 in response to the increase and persistence of global uncertainty. The ECB opens the possibility to further easing if needed.

Key points

• Key points:
• The final conditions of TLTRO-III were quite favourable.
• Slightly downward revision on growth due to more protracted uncertainty.

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