ECB Outlook

From the FXWW Chatroom: ECB: Majority of banks expect ECB to cut deposit rate by 10bps and rise QE Thur:
– Commerze: 20bp depot cut, increase QE by E20bln for 6-mths & poss tiered rate.
– Soc Gen: See ECB cutting deposit rate by 20bp and extending QE.
– BNP: ECB to cut deposit rate by 20bp and increase QE substantially
– Nomura: ECB to cut deposit rate by 10bps, increase QE by E10bln & extend it by
3-mths, remove deposit rate threshold & announce 2 new TLTROs
– Mizuho: ECB to cut deposit rate by 10bp & increase QE by 30bln per month
– Goldman: See ECB cutting deposit rate by 10bp and QE by E10bln to E70bln.
– Citi: ECB to cut deposit rate by 10bp and increase QE by E15bln per month.
– CS: 10bp or more cut in depot rate, increase QE by E20bln and extend TLTROs
– LLoyds: 10bp cut in depot rate, rise QE by E10bln and extend it by 3-mths.
– Barclays: Expect ECB to cut depot rate by 10bp and fine tune t/a aspects of
QE. ECB likely to remove PSPP floor & leave door open for 10bp cut in June.
– Rabobank: cut depot rate by 10bps, another 10bp in June, rise QE by E10-E20bln
– UBS: 10bp cut in depot rate & rise QE by E10bln, poss of “tiered rates.”
– BAML: 10bp cut in rate, increase QE by E10bln & extend by 6-mths, remove floor.

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