It was expected Draghi to avoid any discussion of early exit from QE and he did so. The ECB’s president stuck to the December line. “Self sustained”, not “transient” inflation is wanted. Still, things may complicate this spring.
BoAML | Almost as soon as the Bank of Japan had announced its yield-target strategy, there has been investor interest in whether the ECB could follow the same policy approach soon. In our view, such read-across is not evident, however.