LÆS HELE ANALYSEN FRA COMMERZBANK HER
While positive developments are evident for some of the interim goals, the final objectives – i.e. an underlying inflation just under 2% and a re-anchoring of inflation expectations – are still a long way off. As the bond buying programme has only been running for two months, this is not surprising. But for this reason too, the positive results regarding the interim goals should not be overestimated.
We still believe that the ECB’s hopes of far-reaching QE success will be disappointed. In particular the inflation rate is likely to remain well below 2% for a long time yet, though we will monitor this regularly using our QE scorecard.
