08:44 (EU) ECB’s Draghi: Did not have enough information to make decisions at this meeting, will wait until next meeting for new staff forecasts

– Q&A

– No attention was addressed to specific instruments at today’s meeting

– Need to address non-performing loan problem in the euro zone

– Rules have all the flexibility we need to deal with exceptional circumstances for aiding banks

– Sees more and more divergence between SPF (ECB Survey of Professional Forecasters) and market inflation expectations

– SPF sees inflation at 1.8% over the medium term, market-based expectations for inflation fell immediately after the Brexit vote but have recovered

– SourceTradeTheNews.com

 

08:32 (EU) ECB Draghi: Reiterates interest rates to stay low or lower well beyond QE horizon; prepared to use all instruments available under the mandate, if necessary

– prepared remarks

– Q2 GDP growth to be lower than Q1 GDP growth, economic recovery continues at a moderate pace but risks remain to the downside due to Brexit and geo-political events

– Region has weathered the Brexit fallout

– Continue to expect rates to remain at present or lower levels for an extended period of time

– Will be in a better position to reasses economic conditions as more data becomes available over coming months- ECB measures have supported domestic demand

– Economy still seeing support from relatively low oil prices

– Inflation will remain low in coming months and start picking up later in the year; will pick up further in 2017-2018 period

– SourceTradeTheNews.com

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