ECB dials back stimulus a notch but promises continued support. Emergency support to end in March and asset program to be ramped up temporarily. Overall asset buys to fall sharply after March. It's confirming its relaxed view on inflation and provided markets comfort indicating that any exit from years of ultra-easy policy will be slow. Lagarde added ECB is very unlikely to hike rates in 2022. As for the BOE, it increases rates to 0.25%, from historical low of 0.1%. It forecasts UK inflation to likely peak in April at around 6%. The EUR/USD jumped +0.53% at 1.1354. The GBP/USD gained +0.61% at 1.3342.