JPMorgan: we expect the ECB to tolerate inflation getting stuck at around 1%, as long as the economy grows at an above-trend pace.

Comment by Francesc Riverola on May 2, 2014 at 9:04am
JPM: we attach a 40% likelihood to a small refit/depo cut in the summer and a 30% likelihood to some credit easing at year-end. The chances of private QE (20%) and sovereign QE (10%) are low and would likely only be considered after easier options have been exhausted. QE becomes more likely if the economy moves toward recession or if core inflation slides toward zero.

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