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ECB Does Nothing, Draghi Explains Why, Euro Rallies
The euro has moved above $1.38 as the ECB disappoints those who were looking for some new initiatives. While only a slow recovery is expected, there is a lack of urgency. Ideas of a negative deposit rate or outright QE seems well wide of the mark, not just this month, but going forward. The ECB staff tweaked up 2014 GDP to 1.2% from 1.1% and left next year's unchanged at 1.5%. It introduced a forecast for 2016 of 1.8%. Draghi repeats that inflation expectations are anchored and this is reflected in the new staff forecasts for the harmonized inflation. This year's forecast CPI forecast was tweaked lower to 1.0% from ... (full story)
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