Goldman Sachs’ Summary of the ECB press conference


Think the press conference is not a pre-announcement, but it is as dovish nudging towards sovereign QE/more easing as realistically possible
1. expectation to intention, not YET action
2. adjust SIZE and composition
3. past measures based on better data, been worse since
4. staff forecasts weaker, and that even before oil impact
5. core inflation to come in lower, after installing core inflation as the thing to watch
6. oil impact not just positive as in the past, but second order impact and risk of impacting inflation expectations and wages stressed
And finally 7th …Drahgi clear he hopes for consensus… but he won’t wait them if people drag their feet and no fear to do a 5:4 vote

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