The ECB mentioned that they will not be hiking rates until they put an end to APP purchases and Goldman Sachs says that it expects the central bank to decide in March to end the bond buying in June. That will fit with their timing for a move in September and December this year on rate hikes.

That will still mark quite a hawkish representation for the ECB, so expect there to be plenty of attention on the March meeting as that will set the tone for how policymakers are going to proceed in the months ahead. The scenario above gives them the best flexibility but I fear that it may not go down well with the bond market.