Davy Research

Market comment

Draghi holds the line for now

DAVY VIEW

Despite mounting evidence of accelerating eurozone growth, the ECB kept its monetary policy and guidance unchanged yesterday (December 14th). In an uneventful press conference, President Draghi outlined subdued inflation forecasts despite revising up growth forecasts “substantially”. This suggests that the ECB will be very slow to begin tightening policy, but pressure will build to abandon its open ended bond-buying commitment if the growth continues to outperform expectations next year.

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