08 March 2018 at 12:52 GMT
ECB statement drops the easing bias, sees euro firming in kneejerk reaction. The following sentence from the prior ECB policy statement: “If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the asset purchase programme (APP) in terms of size and/or duration”.
That elimination appears to remove the ECB's intention to grow QE if inflation doesn't arrive - and the implication is that it doesn't believe expanded QE would get it where it wants on inflation anyway. The language leaving a "soft" September deadline for ending QE purchases (soft because they reserve right to extend if necessary) remains unchanged.
Draghi presser up shortly at 1430 CE