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Although we expect no change at Thursday’s meeting, the coincidence of robust economic growth and a technical limit on government bond holdings should force the ECB to taper QE early next year.
The risk of redenomination, remote as it is, still complicates the European Central Bank’s exit from quantitative easing.
There is a strong case for the ECB to continue tapering its QE programme, to alter its forward guidance and to begin normalising policy rates.
PIMCO interprets the ECB’s decision to lower the asset purchase rate as acknowledgement that 2% is an ambitious inflation target to achieve.
The ECB must decide on the minimum amount of quantitative easing (QE) needed to return inflation to target – and in what size doses it should be administered.
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Head of Portfolio Management, Germany
Mr. Bosomworth is a managing director in the Munich office and head of PIMCO portfolio management in Germany. Prior to joining PIMCO in 2001, he worked at the European Central Bank, Merrill Lynch and at New Zealand’s Debt Management Office. He has 23 years of investment experience and holds a master's degree in economics from the University of Canterbury, New Zealand. He also graduated from the Advanced Studies Program in International Policy Research at the Kiel Institute in Germany.