Christine Lagarde, Boris Vujčić: Monetary policy statement

The European Central Bank published a monetary policy statement attributed to President Christine Lagarde and Vice-President Boris Vujčić, the formal communication setting out the Governing Council's latest policy decision and its rationale. The statement transmits policy primarily through the rate channel, with any change to the deposit facility rate feeding into euro money-market rates and the front end of the euro yield curve. Euro-denominated government bonds, particularly German Bunds and periphery sovereign spreads, along with the euro itself, are most sensitive to shifts in the expected policy path, since rate differentials against the Federal Reserve and the Bank of England drive short-term capital flows. Traders will focus on the press conference Q&A and the updated staff macroeconomic projections for inflation and growth, as language on the pace of future easing or tightening typically moves Euro Stoxx and Bund yields more than the headline decision itself.

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