After the ECB cut its refi rate by 25bp in November, extended its 3m MRO at fixed rate full allotment until July 2015 and lowered its inflation projection to 1.3% in 2015, Bank of America Merrill lynch doesn't expect much from the January meeting on Thursday. Draghi's Press Conference: "The press conference should reinforce the message that as long as economic developments are in line with ECB projections monetary policy will not change. More broadly, we expect the ECB to focus as much on the banks' comprehensive assessment (CA) as on monetary policy in 2014 and we see no change in the policy stance throughout the ... (full story)