Weidmann and Wunsch said to oppose new ECB rate guidance

ECB sources report

This is no surprise. Lagarde said it wasn’t unanimous but hinted there was an overwhelming majority.

The euro has given back the earlier pop above 1.18 and is having a look at the session low of 1.1772.

Another report says that Weidmann and Wunsch objected to the length of the commitment and the lack of clarity. Some on the other side wanted to include APP guidance tied to ‘at least’ 2% rather than just a flat 2%. A lengthy discussion was held on whether an inflation overshoot would be incidental over intentional.

That last line is an interesting debate but it’s all academic with inflation pinned to the floor.

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