ECB will adjust APP in January - Draghi

At his press conference today, ECB President Mari Draghi argued:

ECB WILL BUY ASSETS YIELDING BELOW THE DEPOSIT RATE, DECREASING LOWER MATURITY BOUND TO 1 YEAR

INTEREST RATES TO STAY AS ARE OR LOWER FOR EXTENDED PERIOD OF TIME

DATA SHOW CONTINUATION OF GROWTH TREND IN 4Q

SEE MODERATE BUT FIRMING PACE OF RECOVERY

SLUGGISH REFORM PACE, BALANCE SHEET ADJUSTMENT DAMPENS GROWTH

ECONOMIC RISKS STILL TILTED TO DOWNSIDE

ECB NOW SEES 2018 GDP AT 1.6%; 2017 GDP AT 1.7% AND 2016 GDP AT 1.7%

ECB NOW SEES 2018 HICP AT 1.5%; 2017 HICP AT 1.3% AND 2016 HICP AT 0.2%

OUTLOOK FOR HICP IS BROADLY UNCHANGED