•Prefer to wait an additional time to assess current measures •Q1 2015 time frame for QE decision largely agreed •Interim steps before Sov bond QE not ruled out •Interim steps could be changing TLTRO conditions or buying corp bonds. MNI have one of their “ECB sources exclusives”, and that’s put the cat among the pigeons as to what we may get from the governing council next week. I’m still expecting to hear that the ground work has finally been laid for sov QE but these comments suggest that we may get much much more as well. (full story)