Expect Portugal to Dominate ECB Press Conference

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July 4 (Bloomberg) -- Bloomberg's Jonathan Ferro previews today's ECB press conference, the policy options for the board and the top issues for the bank to address. He speaks on Bloomberg Television's "The Pulse."

We are expecting the main refinancing rate to stay at 0.5%. expect last -- lots of questions about portugal.

Are the resignations in the government a question mark about pushing through austerity.

As for contagion, you have to say we have not seen bond yields elsewhere we have seen last year.

Although incredibly effective, it is still in active.

At the moment, it is just words.

Some people are questioning whether it is just that, rhetoric.

It is still going through the german constitutional court.

You could say it is not even clear they could do what they want to right now.

Some might say the omt program is not even available when it comes to portugal.

You have to have full market access to be a viable candidate.

Let's talk about policy options.

What is on the table in front of him?

How much resistance will he get from varying parts of the governing council?

What can we expect to hear?

Forward guidance is the buzzword.

Given investors, companies, consumers, the little bit of confidence that removes uncertainty.

I am not putting money on him adopting money -- thresholds like the federal reserve, but some think he may give a path for interest rates.

Mario draghi and the ecb have done a lot.

They have cut rates and lent a lot to banks.

That money has started to be repaid back.

When you strip away the rhetoric and the perception of future policy, right now out of all the major central banks, the ecb looks like the most conservative.

Their balance sheet has been shrinking.

Investors and many people across europe want them to do more.

Thank you so much.

Jonathan ferro there.

Moving on to the other central bank of the day, the bank of england.

This text has been automatically generated. It may not be 100% accurate.

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