Draghi says they aren’t doing work on ABS purchases for nothing

Draghi was asked if work on ABS programs was only prep.

He said they’re working on the preparations for ABS purchases in the expectations that the ECB will go ahead with them. The euro ticked lower on the comment but gave back some of the gains when he said that no final decision has been taken.

To me, that’s a a dovish development. He also said that short-term inflation expectations have declined but emphasized that medium and long-term expectations are unchanged.