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12.09.2019 16:00

ECB: Another easing package coming – TD Securities

According to TD Securities analysts, today all eyes will be on the ECB decision, where another easing package is widely expected.

“Our base case sees a 20bps rate cut (mkts -10bps) with tiering, €40bn/month of QE (mkt ~€30bn), and no rate hikes until at least mid-2021. We're more comfortable with our rates view than QE, as even the hawks seemed to be open to cutting rates further, while the QE decision is likely going to be much more contentious. Looking at the risks around our base case, we see a much higher probability of seeing a more hawkish outcome than a guns-blazing dovish package. While we attribute about a 40% probability to our base case, we see fairly high 30% odds of an outcome roughly in line with consensus, and an uncomfortably high 20% chance that the ECB disappoints with no QE announced at all, and a message that Draghi has been steamrolled by the hawks. We hope though that the deteriorating staff GDP and HICP forecasts will be enough to convince the hawks that more QE is needed, allowing Draghi to cement his status as the President who did "whatever it takes" to save the Eurozone.”


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