The ECB meeting concludes tomorrow. There is little doubt about what it is going to do: nothing. Uncertainty around its asset purchase plan and its economic assessment are also minor. The current 30 bln euro a month of asset purchases will continue through September. The market has come around to our view that the purchases will be tapered further in Q4 before concluding at the end of the year. The economic data seen since the start of the year have generally been weaker than economists' forecast. There is no sign whatsoever that officials are concerned. Less than a week ago, Draghi told the IMF, ... (full story)