If ECB-speak is any guide, the December Governing Council meeting will be pivotal. Pivotal for bond buying and the timing of the first rate hike (better said, the guidance on the timing of the first rate hike), but not for TLTROs and liquidity conditions in the banking system. ECB-speakers have telegraphed – and this has been going under the radar – that the decision on TLTROs and tiering will be delayed to next year.

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