ECB Preview: Focus on new macroeconomic projections – Nomura

Analysts at Nomura offer a brief preview of what to expect from today’s ECB monetary policy meeting, with the interest rate decision due out at 1145 GMT.

Key Quotes:

“We do not expect any policy changes, but the focus will be on the ECB's new macroeconomic projections - released together with the policy rate decision on Thursday. 

We expect a modest downward revision for 2018 and 2019 GDP growth forecasts, while the inflation outlook should remain unchanged. President Draghi will have the opportunity to address many more issues in the Q&A.

 It seems likely to us that the ECB's language on the economic outlook will remain relatively upbeat - as it was in July. In short, the ECB will most likely remain confident that inflation is on a path towards its primary objective and that growth will remain solid and broad-based over the medium term. We expect the next move by the ECB to be to raise the depo rate in September 2019.”