Highlights of the ECB decision:
- Deposit rate -0.50% vs -0.50% exp
- Marginal lending facility +0.25% vs +0.25% exp
- Says risks clearly tilted to the downside
- ECB will carefully assess incoming information, including pandemic and prospects for vaccines and developments in the exchange rate
- New round of forecasts in Dec will allow a thorough reassessment of the economic outlook and balance of risks
The ECB didn’t deliver the surprise that some were expecting after the late-breaking lockups but they certainly put December in play.