The ECB stuck to its preceding template and ‘no’ concessions were made despite the more dire regional PMI’s. The language and copy remained very much unchanged from the previous press statement repeating the phrase that the economic outlook continues to be subject to downside risks. The only reference to the mixed data was that instead of stating “that survey indicators had broadly stabilized at low levels,” rhetoric that was heard last month, this time policy makers stated that latest survey indicators highlight “prevailing uncertainty.” Lower rates are a distinct possibility, but for now, the ‘doves’ are ... (full story)