ECB's March minutes: Soft patch still most likely scenario but uncertainty elevated

Market news

4 April 2019

ECB's March minutes: Soft patch still most likely scenario but uncertainty elevated

Baseline view was solid growth to return later this year
Growth returning to potential through projection horizon might be optimistic
Risk of inflation expectations de-anchoring seen as low
Economy is in extended soft patch, length is still unclear
Uncertainty has elevated, citing trade tensions
Growth slowdown could weigh on the pass-through from wages to prices
Some members argued for guidance to stipulate steady rates through Q1 2020 instead

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