ECB seen cutting inflation outlook, hinting at more policy action

By John O'Donnell and Francesco Canepa FRANKFURT (Reuters) - The European Central Bank is set to cut its inflation forecasts on Thursday but hold back from concrete policy action, promising only to beef up its bond-buying program if growth and inflation prospects weaken further. The bank, which left interest rates unchanged in a widely predicted decision, is expected to say the chances of missing its medium-term inflation target have increased due to lower oil prices, weaker growth in China and