- The environment remained more uncertain than usual
- The current situation was likely to change materially at some point
- There continued to be a high option value to waiting for more information
- Several members viewed inflation risks as tilted to the downside
- ECB saw data confirming inflation outlook to be in a good place
- A few members viewed inflation risks as tilted to the upside
- ECB officials saw trade tensions as two-sided risk to inflation
- ECB Officials saw uncertainty justifying unchanged rates
The central bank meeting minutes are almost never a market-moving release given that it’s old data by the time they get released
ECB Accounts: No immediate pressure to change policy rates at the current meeting