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ECB Keeps Rates Unchanged, As Expected

Tyler Durden's picture


Unlike last month's surprising rate cut which caught about 95% of forecasters wrong-footed, today the ECB proceeded as expected, and did not cut rates, keeping the MRO rate at 0.25%, the Interest Rate at 0.75%, and the Deposit rate at 0.00%. From 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 0.25%, 0.75% 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.

Now all eyes on Draghi at the press conference in 45 minutes, where Draghi is expected to lower his assessment of European growth once more, and potentially announce some additional non-standard measures.


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Thu, 12/05/2013 - 08:50 | Link to Comment GetZeeGold
GetZeeGold's picture



Who could have seen it coming really?

Thu, 12/05/2013 - 08:53 | Link to Comment Ghordius
Ghordius's picture

agree, yet last time I was utterly convinced the ECB would refrain from cosmetic moves

Thu, 12/05/2013 - 09:12 | Link to Comment SafelyGraze
SafelyGraze's picture

"the Governing Council of the ECB decided that the interest rate .. will remain unchanged at 0.25%, 0.75% and 0.00% respectively"

this cannot possibly be correct

a council does not "decide" what the interest rates shall be

it is the market that determines that via its unseen hand

various individuals and entities all independently bid on the future value of money 

the article should have said "the ecb observed that" rather than "decided that"

if the ecb actually decided what interest rates would be, then that would be evidence of rigging those rates rather than allowing the market force of independent agents to act freely


Thu, 12/05/2013 - 09:14 | Link to Comment BoNeSxxx
BoNeSxxx's picture

The council did, however, decide that the monkeyhammering of PMs will continue unfettered.

Market?  What market?

Thu, 12/05/2013 - 09:18 | Link to Comment SafelyGraze
SafelyGraze's picture

"Market? What market?"

what a cynical thing to say

Thu, 12/05/2013 - 14:11 | Link to Comment Oracle 911
Oracle 911's picture

For every central banker/bankster:

Fuck you.

Thu, 12/05/2013 - 09:10 | Link to Comment LawsofPhysics
LawsofPhysics's picture

...only hastening the decline.  Hard to see where the next war will ignite.  Could be London as easily as Detroit now...

Thu, 12/05/2013 - 09:22 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

waiting for the nirp, waiting for the nirp...waiting..

Thu, 12/05/2013 - 09:42 | Link to Comment SafelyGraze
SafelyGraze's picture

"waiting for the nirp"

left out the obligatory "hugs, misterSumners"



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