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ECB Keeps Rates Unchanged

Tyler Durden's picture




 

Even though 14 out of the surveyed 54 economists expected a rate cut of some sort, and some were even calling for an outright QE any minute now, this time the majority of academics, or 40 of them, were right and the ECB proceeded with no changes to its various interest rates.

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.

Maybe Draghi will announce something more actionable at his press conference at 8:30 am but at this point it appears that the ECB's hand are tied even as the continent continues to drift ever more into deflation.

 

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Thu, 03/06/2014 - 08:56 | 4516072 PR Guy
PR Guy's picture

 

 

Super Mario explains his decision:

 

http://www.youtube.com/watch?v=zV3UuMOfiaQ

 

 

Thu, 03/06/2014 - 08:58 | 4516094 GetZeeGold
GetZeeGold's picture

 

 

Is there a Cliffnotes Notes I can just scan instead?

Thu, 03/06/2014 - 09:10 | 4516131 negative rates
negative rates's picture

Good cause the $3/gal gas had me on my last nerve.

Thu, 03/06/2014 - 08:52 | 4516078 ...out of space
...out of space's picture

ECB will win currency war by not partisipate in 

Thu, 03/06/2014 - 08:55 | 4516085 Ghordius
Ghordius's picture

"...as the continent continues to drift ever more into deflation..."

oh, the horror /sarc

last time I looked, the main reason for inflation decreasing (which is not the same as having deflation) was a lower energy cost component

which is not even included in some other countries' inflation number

Thu, 03/06/2014 - 09:06 | 4516120 Sufiy
Sufiy's picture


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Thu, 03/06/2014 - 09:12 | 4516135 negative rates
negative rates's picture

Who?

Thu, 03/06/2014 - 10:37 | 4516480 Big Brother
Big Brother's picture

Good.  Now all the EU has to do is back their currency with gold, even partially; and WALLA!- instant reserve currency.  God bless deflation and those willing to tolerate it.  Somehow I think the Germans (and their memory of currency failures) have a hand in this.

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