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- ECB's March minutes: Soft patch still most likely scenario but uncertainty elevated
ECB's March minutes: Soft patch still most likely scenario but uncertainty elevated
- Baseline view was solid growth to return later this year
- Growth returning to potential through projection horizon might be optimistic
- Risk of inflation expectations de-anchoring seen as low
- Economy is in extended soft patch, length is still unclear
- Uncertainty has elevated, citing trade tensions
- Growth slowdown could weigh on the pass-through from wages to prices
- Some members argued for guidance to stipulate steady rates through Q1 2020 instead
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