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ECB Keeps Rates Unchanged
As largely expected, the ECB just announced that all three of its key rates remain unchanged.
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.Since the announcement itself is never that exciting, attention as usual shifts to the 8:30 EDT press conference by Mario Draghi in which he will indicate, once more, just how non-existent the OMT's legal term sheet is, and thus how the European deus ex machine, the OMT, continues to be merely a jawboning-inspired mirage (even though Portugal will need it quite soon).
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But, but, what about inflation??? LOL!!
Maybe the 0.0% will go to -0.25% in a future update to keep the euro stabeeeeeeleteeeeee ?
Imagine to have the fantastic privilige to be able to get paid when borrowing money? This is the communist end game.
Best Regards,
Barosso, Portuguese Workers Communist Party
really? zero percent financing for Government is a sign of capitalism's failure? sounds like the exact opposite to me. How about gold and silver "melting down"? sounds like the communists lost out on that one as well. shall we add deal making on Wall Street? an uber dollar? no problem with Western banking interests? the US military enforcing a "stand your ground" policy globally? the list his endless. Portugal...again..."is small." i do agree...they don't strike me as a tax haven...nor are they about to become one anytime soon.
Mario "you-can-believe-me" Draghi: doing "whatever it takes" to keep the EURO from abandonment since Goldman delivered him to the ECB on one of its tentacles--legality is beneath him.
Draghi will spook world markets today. It has already been scripted by Ben and the Squid.
i think this market is really tired...and the recovery policy has been basically a total failure. i think most major market "activators" are going to be very conservative going into the end of the summer and into the fall. the President's poll numbers have collapsed, interest rates have shot higher dramatically, the US economy (the engine for global growth still) has clearly slowed. can't even call it a crawl now. stay long treasuries. if gold and silver can cough up the biggest hairball since Nixon and all his henchmen destroyed the country like the worthless psycho's they all were so can a lot of other things go down too. the irony that tapering could cause an even bigger rally in treasuries than QE should be lost on no one. but as irony is defined "it doesn't tell us something we already shouldn't know" ...but choose not to.
So...no recovery in sight. Thought so.
rates won't move until all other buyers stop buying bonds except central banks.
central bank purchases to pay for bloated governments are becoming larger and eventually central banks will be the only purchasers...
....at which point, rates will go up
What other options does Mario Dragqueen have? The appearance of a sitting duck is laughable.
"That's supposed to be a bazooka?"
il bazooko piccolo