The European Central Bank (ECB) is fighting to recover some credibility in the market communication failures in the past 12 months. The task at hand is how to juggle between introducing changes to the quantitative easing (QE) program that allow for more debt to be eligible for purchase and if possible extend the duration of the program. The market is confident that one of the two and in some scenarios both are possible, but the biggest question marks hang around the weak link of the ECB communication strategy: its rhetoric about the future. Central banks have moved away from forward guidance opting to return to less ... (full story)