Economists expect the inflation and growth forecasts to remain broadly unchanged, although some anticipate GDP estimates could be nudged higher.
While high gas and oil prices keep upward pressure on inflation, recent data suggests the economy has held up better than anticipated.
Euro zone business activity continues to post solid growth, S&P Global data for August showed, matching its pace from July which was the fastest this year.
"They (the ECB) will probably revise up their 2026 growth forecast slightly," said SEB macro economist Pia Fromlet.
Well, not much directly for ECB policy.
But along with a recent U.S. Treasury bond-buying intervention, it worries European central bankers as a sign of more interventionist U.S. policy that breaks with norms, sources told Reuters.
European officials also said they were annoyed the U.S. did not give them a customary heads-up that sales of euros, not dollars, were part of the yen-bolstering intervention.
"The last time there was a global coordinated intervention in the yen was after the (2011) Fukushima earthquake and tsunami - I recall ECB did the euro/yen intervention then," said Barclays head of euro rates strategy Rohan Khanna. "So I feel the grievance is more to do with being blindsided."
Rising global borrowing costs, which have gathered momentum recently on resurgent energy prices and persistent concern about high government debt, have tightened financial conditions, doing some of the ECB's work.
Ten-year borrowing costs in France, which faces a particularly perilous annual budget battle, and Italy, are up around 65 bps each this year. Germany's have climbed 50 bps FR10YT=RR, IT10YT=RR, DE10YT=RR.
All big central banks are likely to face questions about the impact of rising global bond yields, said Michael Metcalfe, head of macro strategy at State Street.
"The ECB is always careful in how it talks about long-dated bonds and is likely to stress that only if the moves are out of line with the fundamentals are they likely to act," he said.
"That doesn't seem to be the case."
TLT•
