Details of the minutes from the January 2018 ECB monetary policy meeting 22 February 2018

  • Some Members Wanted To Drop Easing Bias Regarding APP In Governing Council Communications, But Council Concluded Such An Adjustment Would Be Premature
  • Language On Mon Pol Could Be Revisited Early This Year As Part of Regular Reassessment
  • Ample Degree Of Monetary Stimulus Was Generally Seen To Be Still Needed
  • Eurozone Expansion Continuing To Proceed At Pace Above Current Estimates
  • It Was Considered That Quarterly Real GDP Growth Could Turn Out Higher Than Previously Expected
  • Past Appreciation of EUR Had No Significant Negative Impact On EZ External Demand
  • Inflation Path Should Be Maintained Even In Less Supportive Monetary Policy Conditions
  • Members Widely Agreed There Was Reason To Be Increasingly Confident About Inflation Path
  • Broad Agreement That Current Mon Pol Stance Broadly Appropriate
  • Broad Agreement That Recent Euro Exchange Rate Volatility A Source Of Uncertainty
  • Members Agreed Latest Indicators Point To Further Improvement In Global Activity, Trade
  • Concerns Expressed About Overall Status Of Int’l Relations
  • Global Economic Expansion Risks Tilted To Downside
  • US Tax Reform May Have Greater Than Expected Impact On Global Growth In Short Term Communication On Exchange Rates, Mon Pol Across Major Currency Areas Partly Responsible For EUR Appreciation
  • Increased Confidence That Inflation Will Converge To Governing Council’s Target
  • Remark Made That Without Persistent Positive Contributions to Food, Energy Price Components, Underlying Inflation Will Need To Be Higher Than Pre-Crisis Average To Meet Inflation Aim On Sustained Basis

Pretty much a set of notes that made sure they didn’t show too much enthusiasm for changing guidance than they did last month. Still, the theme is still positive and they are set to give us some new clues in the early part of this year.

Ryan Littlestone
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