Before we discuss our own views on today’s ECB meet (again), here’s what consensus expects for the ECB to do next. According to a Bloomberg survey of sell-side economists the next round of pandemic bond buying will be 500 billion euros, down from the second round of 600 billion euros and the first round of 750 billion euros. According to that survey a minority of economists expect any additional easing to consist of tinkering with the TLTROs. No economist expects a deposit rate cut. The next round of QE is supposed to be announced in December.


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