ECB Joins BOE In Leaving Rates Unchanged

Tyler Durden's picture

First the BOE, now the ECB has left rates unchanged. Alas: you don't win pole position in the currency debasement closed loop in which nobody ever wins (well, except for Iran) by doing nothing. But for now, both banks did just as expected.

From the ECB:

4 October 2012 - Monetary policy decisions


At today’s meeting, which was held in Brdo pri Kranju, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.


The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.

And while Europe is on hold, Japan may not be: both political parties are now expecting even more easing from the BOJ in its announcement tomorrow, after the disastrous and 8 hour half-lived QE 8 from 3 weeks ago. They just may get it, and set the stage for QE 10 one month from tomorrow.

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GetZeeGold's picture



Raise rates.....I double-dog dare you.


caimen garou's picture

money for nothing,wishing gold was free. I want my ebt!

DavidC's picture

I just wish they'd get out of the way and let the market sort itself our - but then I know I'm preaching to the converted and Jim Grant here...


disabledvet's picture

this is not a story...move along.

AUD's picture

Actually, Iran did do nothing. The Iranian rial is probably junk but it's no worse than the $US. It is the sanctions that have stopped dead any interbank payments, thus rial to $ exchange ( & vice versa), that is driving hyperinflation.

The bid for Iranian rials is collapsing since you can't do anything with them.

fonzannoon's picture

Is it possible that Romney wins, fires Bernanke. Stops the fed from buying treasuries and watches in horror as interest rates spike and the market crashes?

GetZeeGold's picture



Stop teasing us.


fonzannoon's picture

I guess my point is...I would love to see Romney win (and I am hardcore Ron Paul). I would love to see these people screaming that this is the biggest election ever scratch their heads as Romney raises the debt ceiling and continues QEinfinity etc. because deep down he knows the truth. That we are too far gone.

GetZeeGold's picture


That we are too far gone.


Then there's only one thing left to do.......toga party. It's BYOB.....but I can cope with that.

LawsofPhysics's picture

I agree. I mean who really wants to be the captain of the titanic?

AUD's picture

No, the Fed has been in the business of buying, or lending against, Treasuries almost since forever.

GetZeeGold's picture



Just seems like forever......just since 1913 actually. If our proud baby boy can hang on one more year he'll be 100 years old.