Comments by ECB policymaker, Klaas Knot

  • 2021 economic outlook will continue to be bumpy
  • Economic impact from vaccine may take time

The ECB is still not really offering much hints ahead of their "recalibration" next month.

They will certainly be expanding their PEPP stimulus and likely add to QE and/or enhance their TLTRO offering. A rate cut is a consideration but I would argue that it is unlikely considering that it has limited benefits at this point in the game.