ECB Leaves Benchmark Rate Unchanged At 0.5%

There were no expectations for anything out of leftfield at the ECB this morning. There were also no surprises as Draghi kept rates unchanged. The biggest issue, of creeping EONIA and how the central bank will resolve growth and inflation expectations, is expected to be covered in 45 minutes at the press conference during which Mario will once again remind us all that the OMT still doesn't and never actually did exist.

From the ECB:

5 September 2013 - Monetary policy decisions

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.