Bloomberg reports that according to Governing Council member Martins Kazaks, investors waiting for a heads-up from the European Central Bank on the future of pandemic bond-buying in September will probably be disappointed.

With nearly 600 billion euros left to spend and the program running at least through the end of March, it would be much too early for a decision on whether to extend or phase out purchases, Kazaks said.

“Given the uncertainty, given how much time is left, there is no need to decide on that,” said Kazaks. “We will discuss it, but at the moment it would still be premature.”

Policy makers have set up their September meeting -- when new forecasts will become available -- as a crucial session to scrutinize the euro-area economy and its prospects, and to start debating post-pandemic monetary stimulus.

Kazaks urged investors to be patient in expecting results on when or how emergency support will be unwound. The next scheduled opportunity for a decision after September would be the ECB’s meeting on Oct. 28.