ECB adds one small part to its statement this month
"If favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full. Equally, the envelope can be recalibrated if required to maintain favourable financing conditions to help counter the negative pandemic shock to the path of inflation."
That's pretty much the only thing that stands out in my view from the statement. It's a slight concession but also comes with a caveat that the envelope could also be recalibrated to help deal with any negative inflation developments.
This isn't anything new despite it being new to the statement, as it is merely a reiteration of the stance of the collective minds at the central bank since December.
Lagarde's press conference will be up next at 1330 GMT and you can watch that here:
