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ECB: Auto pilot confirmed
The just-released minutes of the European Central Bank’s September meeting give a good grasp of the discussion behind closed doors. Remember that the ECB had announced the expected and so-called anticipated reduction of monthly quantitative easing (QE) purchases from 30 billion euro to 15 billion euro, starting 1 October. For the rest, the forward guidance on an end of net asset purchases (end of this year) and interest rates (unchanged at least through the summer of 2019) had remained unchanged. In the minutes, the following three issues stood out: During the meeting, there had been an extensive discussion on the ... (full story)