ECB performs hawkish backward roll

From think.ing.com

Regarding actual decisions, the European Central Bank (ECB) hit the copy-paste keys and kept everything unchanged. As expected, all monetary policy instruments were left unchanged and even the wording was a verbatim copy of the December decisions. The ECB only took out the words “in either direction” when confirming that the Governing Council stood ready to adjust all of its instruments. As the ECB confirmed that interest rates would remain “at present levels or lower levels”, this small change in communication does not signal a change in the ECB’s stance. It was the press conference and the official ... (full story)