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ECB press conference: Draghi announced ABS



  • ECB cuts benchmark rate from 0.15% to 0.05%
  • Draghi announced the ECB will buy non-financial assets (ABS)
  • Exact ABS purchase volume is under discussion, one of the figures they discussed is 500B euros
  • ECB to extend the balance sheet to 2012 dimensions
  • Decision wasn’t unanimous and rates are now at the lower bound

ECB easons to ease

  • Details of the program will be announced after October 2
  • Euro zone's growth momentum slowed down
  • Draghi points to geopolitical risks and insufficient structural reforms in euro area

Fresh economic Forecasts


  • 2014 forecast down from 1.0% to 0.9%
  • 2015 forecast down from 1.7% to 1.6%
  • 2015 forecast up from 1.8% to 1.9%

Inflation outlook remains subdued. ECB sees 2014 inflation at 0.6% vs 0.7% prior, 2015 and 2016 forecasts unchanged at 1.1% and 1.4%

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