Having left rates unchanged and confirmed the tapering of QE, there is only one thing left for the former Goldmanite to do - explain to the masses why this is all so positive and no reason at all to worry about rationality-shattering bond yields across the eurozone (and beyond).
As expected, there was little surprise in the ECB monetary policy decision, which kept all three key ECB rates unchanged, and which announced that rates will "remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases."
As it unveiled before, QE will run at €30BN per month from January 2018 until the end of September “or beyond, if necessary, and in case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.” The ECB also noted it can extend QE size or duration if needed.
The central bank repeated it will reinvest maturing debt for extended period after QE, and that the "reinvestment will continue for as long as necessary, will help deliver appropriate stance" and "will contribute both to favourable liquidity conditions and to an appropriate monetary policy stance."
The market reaction to the statement which was completely in line with expectations, was modest, with the EURUSD and Bunds hardly even moving on the news.
"Get back to work, Mr. Draghi"
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