Prior decisionDeposit facility rate -0.50%Main refinancing rate 0.00%Marginal lending facility 0.25%Reaffirms that APP purchases will end in Q3Rate hikes to only come some time after APP purchases endRate hikes are to be gradualSees rates at present level until inflation meets guidance conditionsFull statementIn essence, there isn’t any change to the policy outlook or main language. So, it is pretty much the status quo.But there are some slight changes to the forward guidance as the ECB stresses on flexibility when it comes to making any future decisions. That doesn’t sound like a central bank that is posturing to move rather aggressively to counteract inflation.Here is the paraphrasing in March:“The Governing Council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation stabilises at its 2% target over the medium term.“And here is the one for April today:“The Governing Council stands ready to adjust all of its instruments within its mandate, incorporating flexibility if warranted, to ensure that inflation stabilises at its 2% target over the medium term. The pandemic has shown that, under stressed conditions, flexibility in the design and conduct of asset purchases has helped to counter the impaired transmission of monetary policy and made the Governing Council’s efforts to achieve its goal more effective. Within the Governing Council’s mandate, under stressed conditions, flexibility will remain an element of monetary policy whenever threats to monetary policy transmission jeopardise the attainment of price stability.“