Today has an anti-climactic feel to it. Yesterday's leak of what is purported to be the ECB staff forecasts point to small downward revisions to inflation forecasts and an ever small upward tweak to growth. This would be in line with only mild changes in the forward guidance language. The clear indication is that inflation is still not the conditions of a self-sustaining path toward the target. What follows from that assessment is that it is premature to retreat from any of the unorthodox measures. The asset purchases run through the end of the year. The September ECB meeting is seen as a likely venue to announce the ... (full story)