ECB Keeps All Rates Unchanged

Tyler Durden's picture

For once, the vast majority of economists was correct, with 62 of 66 predicting accurately what the ECB would do today: nothing. At least so far - moments ago Mario Draghi's central bank just announced no cuts across all three major rates.

From the press release:

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.

European stocks not happy, and the EURUSD engaging in its usual acrobatics first surging then plunging...

... perhaps because there is still a chance Draghi may announce the end of SMP sterilization in the press conference in 45 minutes, which would free up some liquidity, but hardly have the desired impact.

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edotabin's picture

What a Drag-hi! I thought change was good.

GetZeeGold's picture



My heart is racing over here.....who could have seen that coming?

Ghordius's picture

meh. last time there were some 60 out of 70 economists (including yours truly - though not an economist) predicting no change, and the ECB did some cosmetic slashing down

Boris Alatovkrap's picture

<-- Central Bank manipulate EVERYTHING

<-- Central Bank lie about why

Which is greater sin of Central Bank Cabal

y3maxx's picture

...Zero rates....Only way to pave way for Economic Recovery thru Wars.

Ghordius's picture

the greatest sin of fiat fractional reserve banking / central banking is that only few understand it. lots of comments over the last 100 years about this fact

Boris Alatovkrap's picture

"It is well for that citizenry of nation are not understand banking and money system, if they are, I believe there would be revolution before Tuesday morning." Henry Ford, founder of Ford Motor Company

The Dunce's picture

No new is good news.  I'm all in on cat food and bullets.  Riding high, baby.

Ghordius's picture

"European stocks not happy". so what. getting the rates further down would have been even sillier than last time

BandGap's picture

Guessed "B".

Really, give it a week and we'll have another scintillating announcement meant to save the EU.

Ghordius's picture

"save the EU"? from what?

johny2's picture

from the banking oligarchy that it is rulling it through its political parties.

Ghordius's picture

interesting. political parties? do you know that we have - in the eurozone alone - some 100+ political parties? you have to be more specific, here. or perhaps stop projecting

johny2's picture

the rulling political parties. specific enough?

Ghordius's picture

still not there. in each of the 18 countries of the eurozone? often it's coalitions, so the number is in the ballpark of 25-30

NoDebt's picture

When is Draghi going to get the message and start unsterilized (QE-style) bond purchases?  This guy just won't take a hint.  His handlers grow impatient.

Ghordius's picture

perhaps I've not repeated enough this fact: the FED has a top-down organization on several levels (including the NY-FED)

the ECB has a bottom-up org

18 votes come from the national bank governors. Draghi and the four others are not the ones really setting policy, their job is only to coordinate and communicate

so Draghi's "handlers" are his collegues, like the governor of the Banque of France, and the governor of the BuBa, and the governor of the Bank of Italy, etc.

NoDebt's picture

So you're saying he's just following orders.

Yeah, we have votes in the Fed Board or Governors over here, too.  Bernanke/Yellen don't set policy all by themselves.  Somehow we still arrived where we arrived anyway.

Ghordius's picture

interesting. your way of reasoning seems to imply that there are always "orders from above". no compromise, no politics, no diplomacy, nothing

edotabin's picture

diplomacy and compromise do seem to be getting rare-er and rare-er

youngman's picture

But they still get a nice lunch out of it...

Peter Pan's picture

Be on the lookout for Draghi's 50 year plan for Europe.

The first 50 year plan is now being baked for Greece.

I can now see the headlines in 50 years time (if we don't get wiped out before then):

Headline will be, "Plan to be extended by 50 years".

Sudden Debt's picture

Gold is up...

silver is up...



Peter Pan's picture

I don't want to be a killjoy but why don't you give the boys upstairs a bit of time to prepare for the usual smackdown, 3....2....1.....


Sudden Debt's picture

Janet likes to sleep in late till noon so that won't happen for at least a few hours.

Kaiser Sousa's picture

once again the sociopaths in NY r painting the tape in the phony paper Silver maket at the open trying to push back below $20...

pure coincidence of course....

q99x2's picture

How bout some financial news.

GetZeeGold's picture



Turn into CNBC.....they'll hook you right up. It'll make more sense if you're drinking heavily.


I'm sure they'll appreciate it....they could really use the ratings.

Sudden Debt's picture

Slight chance of snow... NEED I SAY MORE?!

shankster's picture

Hee hee, ha ha!

Hubbs's picture

Running out of wiggle room,  Mr Draghi?