Analysts at Rabobank note the ECB has already given away more policy changes than they had expected in March, so they do not expect new policy decisions to be added in April.

• “We believe that risks to the ECB’s policy remain skewed towards additional easing.”
• “Last week, discussions about a potential tiered deposit rate system suddenly appeared, but we don’t expect this to be implemented in the near future.”
• “Instead, it could make a relatively more generous TLTRO-III pricing the path of the least resistance if there is division in the Council.”