ECB's Lagarde: We have to maintain safety net at least until June 2021

Lagarde alluding to the central bank's commitment on PEPP stimulus

• We should envisage support continuing beyond 2020
• We really have to maintain attractive conditions until the middle of next year at least

This pretty much seals the deal and reaffirms current market expectations that the ECB will deliver on the full PEPP envelope by June next year. Should inflation pressures still lead nowhere, don't be surprised if they use that as a convenient excuse to keep the stimulus tap flowing - especially now when there is a second wave of virus infections brewing.