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The ECB’s taper autopilot is still on
When does a central banker know that he (or she) has done an immaculate job? When QE is brought to an end and financial markets could hardly care less. According to this definition, the ECB should be extremely satisfied with the outcome of today’s meeting. The ECB decided to reduce the monthly net asset purchases to 15bn euro, from currently 30bn euro, starting in October. All other parameters of the ECB’s monetary policy stance were left unchanged: interest rates, the wording of an anticipated end of QE by year-end and the forward guidance on rates (“expect interest rates to remain at their present levels at ... (full story)