This page has been archived and commenting is disabled.

ECB Keeps Rates Unchanged

Submitted by Tyler Durden on 10/02/2014 07:47 -0400

Unlike last month, when in an act of futility and desperation, the ECB pushed NIRP into NIRPer territory, this time the ex-Goldmanite in charge of Europe's money printer decided not to antagonize Germany further, and to do nothing.

From the ECB:

At today’s meeting, which was held in Naples, 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 0.05%, 0.30% and -0.20% 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.

And now, attention shifts to Draghi's press conference in 45 minutes in which he is expected to explain i) how he will increase the ECB's balance sheet by €1 trillion when there is only €500 billion in evailable ABS to monetize and ii) how much Greek junk bonds he needs to buy for Europe to emerge from its triple-dip recession, which it has by now certainly entered.

- advertisements -

Thu, 10/02/2014 - 07:59 | 5279175 LULZBank

But next time we WILL raise the rates, Bitchezz!!

Thu, 10/02/2014 - 08:11 | 5279229 GetZeeGold

Stop....or the dummy gets it.

Thu, 10/02/2014 - 07:50 | 5279179 Cognitive Dissonance

"Shh....the Draghi spirit is about to speak." - Bullwinkle the modern fiat moose

Thu, 10/02/2014 - 07:56 | 5279187 buzzsaw99

tepper said moar qe dammit!

Thu, 10/02/2014 - 07:58 | 5279195 Headbanger

QE is so 2013...

Thu, 10/02/2014 - 08:03 | 5279204 buzzsaw99

There Will Be MOAR

http://www.youtube.com/watch?v=RKQ3LXHKB34

Thu, 10/02/2014 - 08:01 | 5279200 LULZBank

Keep the rates low until:

cause a war

wipe the debt

get the pipeline through Syria

raise the rates

and make sure the Germans start paying the reparations again.

epic lulz

Thu, 10/02/2014 - 08:21 | 5279246 Ghostdog

Is Draghi the lovechild of Abe & Janet?

Thu, 10/02/2014 - 08:27 | 5279258 highly debtful

I say:

1) hike the rate to - I don't know - a cool 10 percent?

2) Duck and cover

3) When all the dust has settled, use the rubble to rebuild

4) Do NOT rinse and repeat

Can I get my Nobel Prize for economics now please? Oh, and I'll take the gold medal together with the money prize in ounces. You can keep the diploma.

Thu, 10/02/2014 - 08:31 | 5279279 g'kar

moar nirpier less zirpier

Thu, 10/02/2014 - 08:28 | 5279282 gatorengineer

about 3 weeks before it starts getting cold in Germany.... gonna get interesting..... Perhaps the ECB buys Russian gas......

Thu, 10/02/2014 - 09:43 | 5279634 NoTTD

That should be NIRPier.

ECB Keeps Rates Unchanged

Comment viewing options