Having got through the ECB statement release unscathed with no changes or surprises, all eyes are now on Christina Lagarde's first press conference appearance as ECB president.
The focus will fall on how Lagarde intends to run the central bank, and its upcoming strategic policy review, which will likely be formally announced at the December confab; but there is a risk that this meeting will be light on details, which may possibly result in horizontal price action. Many believe Lagarde's first task will be uniting a divided Governing Council, where there are mixed views on the efficacy and risks of loose(r) policy, as well as the practicalities of the ECB’s decision-making functions.
Lagarde is also expected to reiterate her call on fiscal authorities to do more to support the Eurozone economy. Elsewhere, updated economic projections may see near-term growth forecasts nudged up slightly, though further forecasts are subject to downside risks; inflation forecasts are seen little changed.
Today's press conference may reveal more information about this, and could come with a formal announcement on the review. And among many other policy/mission tweaks for the convicted criminal-cum-central banking climate crusader, Rabobank sarcastically adds, "will it include a pledge to also do ‘whatever it takes’ to get to the Eurozone to net-zero carbon emissions?"
Watch Live (due to start at 0830ET):