The market reaction to the press conference was pretty much non-existent either. The only tangible news was the publication of further details regarding purchases of assets with yields below the deposit facility rate (DFR). Here it has been decided that purchases under the DFR will only be made under the PSPP. adviceMoreover, priority will be given to purchases at yields above the DFR. In other words, Eurosystem national central banks are expected to show some restraint in such purchases, although this clearly does not rule out tokenistic purchases near-term, as our colleagues from the Rates Strategy team have put forward. In his comment on the Governing Council decision and assessment of the policy stance, Mr. Draghi pointed at stronger survey data, the expectation of slightly stronger growth in 2016Q4 and a firming expansion thereafter. The ECB President also mentioned signs of a somewhat stronger global recovery. The Council remains pleased with, its past decisions, the impact of its measures and does not foresee any difficulties in the implementation of its APP. All hunky dory, full stop. That said, the ECB still sees no signs of a convincing upward trend in underlying inflation, despite recent upside surprises in headline inflation, the implication of this being that a substantial degree of policy accommodation is needed to ensure a return to sustained inflation rates without undue delay. Four conditions As expected, the ECB president argued that the ECB will look through transitory developments in inflation and instead will focus in the coming months on judging whether higher headline inflation translates into higher underlying inflation . To that end, Draghi provided a bit more clarity on how it would judge this process: 1. The medium term horizon is the relevant horizon.; this tallies with our view that the 2019 staff projection for inflation is a key figure to watch in the future 2. Second, there has to be a durable improvement in inflation, so it cannot be transient. 3. Third, the inflation has to be of a self-sustained nature, meaning that inflationary pressure must remain even when monetary policy support will be removed.
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