This week’s economic data provided confirmation that the synchronised global recovery was doing well but it was the ECB’s monetary committee meeting that dominated news. The press conference held no big surprises but delivered more detail.
The bank has slightly revised up its economic outlook and revised down inflation. Even so, Mario Draghi was quite clear that tapering might be announced at the next meeting unless some exceptional event occurred. This is in spite of the bank’s increased scrutiny of the euro's volatility and its new forecast of inflation at 1.5% in 2019, or lower than its target.
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