ECB to end QE but leave rates unchanged - TDS

Analysts at TD Securities are expecting the ECB to end QE but leave rates unchanged this month.

Key Quotes

“We see tweaks to reinvestment guidance with a smoother profile and a mild skew toward corporates. The ECB will leave the door open for rollover TLTROs, but it is unlikely to announce these until next year.”

“We expect relatively minor revisions to the ECB projections. We do not expect a downgrade to the risk bias.”

“FX: We think this meeting may be relatively sparse for direct FX cues, but we would expect EURUSD to follow if bund rates move higher.”