Here's analysis from some of the banks

  • ABN Amro sees nothing today but says that the ECB will act in March and June with one €10bn increase in QE and a 10bp deposit rate cut in each meeting
  • Goldies says they stay on hold today and pick the June meeting to see an extension of QE if inflation hasn't improved
  • JPM are similar, nothing today and a 10bp cut to the deposit rate in June on a worse inflation outlook
  • Barclays sees nowt today but inflation is putting the pressure on for more easing later in the year
  • RBS says Drgahi will emphasise the door is open for further easing. They see 10/15 bp deposit rate cut and €10/15bn extra QE in Q2
  • Rabobank say that a cut to CPI projections in March will be hard to ignore and a March cut of 10bp will be the easiest move

Generally most are expecting something to happen in June and due to worsening inflation. There's next to no expectations for today