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ECB Keeps Rates Unchanged As Expected
Despite some concerns that the ECB would lower rates (and maybe go negative on deposits) at today's meeting, it was certainly not the consensus. And for once, the consensus was right. Form the ECB:
At today’s meeting 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 0.50%, 1.00% 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.
Look for Mario to not touch on this issue at today's press conference in 45 minutes if indeed there is much disagreement among the governing council, and instead to focus on what plans the central bank has to spur European private lending which as we showed last week, just hit record lows. If any of course. We, on the other hand, are still hoping to finally get the OMT term sheet that supposedly saved Europe last summer. Because it looks kinda stupid if market participants continue to get duped by an "instrument" that officially and unofficially doesn't exist.
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THANK YOU!!!
I didn't feel like commiting suicide today anyway.
"You are tied for the lead!" ;-)
To right Tyler, imagine Bernanke promising QE and not doing anything for the last four years...
Of course Mario doesn't have to do squat all what with Ben's stealth QE propping up European banks.
Can we see something exciting and new on the BIS? I've given up trying to know, for certain, which banks own the member banks of the Fed. There is too much by way of empty/racist/crazy speculation. I know the Rothschilds are a real and powerful banking family, but too many people seem ready to just use that name without any supporting evidence.
Anyway, the way I look at it, analysis of ECB and Fed action, however necessary in the near term for you traders and the like, perpetually misses the overarching theme, imho...
They are evil, not stupid. Everything they do is designed to transfer wealth from labor (through high taxes on income, inflation, negative real rates, etc.) to capital via currency inflation - and specifically through the gowth of debt, which fuirther feeds the ultimate purpose - the acquisition of real assets (land, equity, PMs, governments, etc.) via the illusion, the "magick" of private central banks issuing the currency as fiat as a loan at interest payable through government jacks of the fruits of people's labor {and invested capital}.
So, I mean - the whole things is simply theft, and mathematically, can simply not last forever {a point lost of most economists - fractional reserve lending eventually leads to hyperinflation, no matter what you do}.
I mean, look, guys... ultimately either people start taking them out, or you wait for the Potemkin, banker/MIC/Zionist democracies of the world to lead us into WW3.
http://www.voltairenet.org/article178638.html
http://www.boilingfrogspost.com/2011/02/16/obama-administration%E2%80%99...
http://www.greece.org/main/index.php?option=com_content&view=article&id=...
You dig??
on a related note, Bernanke was behind me in his car in DC. Was tempted to slam on my breaks.
Was he driving or performing sexual favors?
OMG...I didn't see that coming!! (/sarc)
its as if they have this clown speak every month just to pump the markets.
i must say i am shocked rates are going to be unchanged, i thought he was going to come and announce a spike in rates just like that.
this guy is a clown
Mario, the smug smirk: OMT will only ever exist on his resume.