ECB will likely revise growth up and inflation down

After the announcement of the expanded asset purchase programme (quantitative easing - 'QE') in January, the European Central Bank (ECB) is widely expected to refrain from further new measures in the near term.

Thursday's post-meeting press conference will likely focus on the updated ECB staff forecasts for the euro-area economy; Standard Chartered research notes:

• We expect growth to be revised upwards for 2015 and 2016, and inflation to be revised downwards in 2015. 
• In addition, President Draghi will likely further clarify the QE programme, and may be questioned over how the ECB intends to deal with negative yields and a potential shortfall in sellers; e.g., of German Bunds. 
• He is also likely to comment on Greek banks' access to ECB liquidity operations.