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We feel the ECB missed the mark by not making more explicit reference to asset purchases. In the new guidance as in the old, the end of purchases remains subordinated to the rates forward guidance.
The upshot to yesterday’s ECB meeting is more purchases for longer, but dissent makes it difficult for EUR rates to price this outcome with great conviction.
Still, upside to EUR yields is diminished, and a further widening against GBP and USD rates is possible ahead of today’s PMIs and next week’s FOMC.