There will be no change in headline rates from the ECB tomorrow but there could well be a shift in the terms in which the ECB offers funding to banks on a long-term basis. Dealers will listen closely to hear if the ECB announces that it will add a spread to the 1%
refi rate , if they index the rate, or make it floating. Any one of those options, if used, would be a tightening in their super-loose...