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ECB Keeps Rates Unchanged

Tyler Durden's picture




 

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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Thu, 07/04/2013 - 07:53 | 3720844 Stoploss
Stoploss's picture

But, but, what about inflation???  LOL!!

Thu, 07/04/2013 - 08:24 | 3720887 YuropeanImbecille
YuropeanImbecille's picture

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

Thu, 07/04/2013 - 08:48 | 3720925 disabledvet
disabledvet's picture

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.

Thu, 07/04/2013 - 07:52 | 3720846 slaughterer
slaughterer's picture

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. 

Thu, 07/04/2013 - 07:54 | 3720848 slaughterer
slaughterer's picture

Draghi will spook world markets today.  It has already been scripted by Ben and the Squid.

Thu, 07/04/2013 - 08:55 | 3720936 disabledvet
disabledvet's picture

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.

Thu, 07/04/2013 - 08:02 | 3720853 Go Tribe
Go Tribe's picture

So...no recovery in sight. Thought so.

Thu, 07/04/2013 - 08:08 | 3720862 orangegeek
orangegeek's picture

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

Thu, 07/04/2013 - 08:13 | 3720870 Atomizer
Atomizer's picture

What other options does Mario Dragqueen have? The appearance of a sitting duck is laughable.

Thu, 07/04/2013 - 08:22 | 3720883 GMadScientist
GMadScientist's picture

"That's supposed to be a bazooka?"

 

Thu, 07/04/2013 - 08:24 | 3720888 slaughterer
slaughterer's picture

il bazooko piccolo

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