ECB Joins BOE In Leaving Rates Unchanged
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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