Danske Bank with a neat summary on what to expect from the ECB later
h/t @ ABartonMacro
Among the main focus later will be fresh details on the TLTROs, which should come with more favourable terms but ultimately fall short of what was offered in the previous round of TLTROs. Most economists are forecasting a discounted rate of MRO-20bps but all of this will mainly affect banks more than it would directly the single currency itself.
For the euro, the language on rate guidance and balance of risks, as well as the economic/inflation outlook matters a lot more. The first two are expected to remain the same and in my view, the central bank's expectation on the path of inflation will set the tone of the statement/press conference later.
