ECB left policy unchanged but downgraded its growth forecasts

The ECB left policy unchanged but downgraded its growth forecasts by 0.2ppts and its HICP inflation forecasts by 0.4ppts. Draghi said since developments since 12 August imply downside risks to even these latest new forecasts, adding purchases will go on "until the end of September 2016, or beyond" - a slight tweak to the existing language conveying a strong message around the willingness and capacity to ease more. 

There was a caveat, though - they've yet to decide if the lower inflation will be transitory or persistent. The share limit on ownership of any single bond was raised from 25% to 33%, reassuring markets the ECB can fulfil its current QE objectives as well creating the capacity for expansion if needed.