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ECB Cuts Rates By 25 bps, As Expected
The ECB has cut the various relevant interest rates by 25 bps, in line with expectations, but not the 50 bps most likely needed to stem the crisis. Mario Draghi's second press conference begins in 45 minutes.
8 December 2011 - Monetary policy decisions
At today’s meeting the Governing Council of the ECB took the following monetary policy decisions:
The interest rate on the main refinancing operations of the Eurosystem will be decreased by 25 basis points to 1.00%, starting from the operation to be settled on 14 December 2011.
The interest rate on the marginal lending facility will be decreased by 25 basis points to 1.75%, with effect from 14 December 2011.
The interest rate on the deposit facility will be decreased by 25 basis points to 0.25%, with effect from 14 December 2011.
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 Central Bank
Directorate Communications
Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu
Reproduction is permitted provided that the source is acknowledged.
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Its not like artificially low rates are the cause of our economic problems…
The thing is, who will move them back up first? Can anyone?
Negative real interest rates. Surely a harbinger of the end of something, if nothing else, the interest rate mechanism?
ORI
/the-plan/
They can never rise again, we have reached the end of Keynesian policy
...and thus begins the long, death spiral of the Euro.
Seee yaaaaa.....
How long can Mario maintain a 100% rate cutting record?
Hendry is jumping for joy right about... now.
The collective "YES!!!!!!!111" you heard this morning was obviously from his offices.
Man, I wish I had a shit ton of cash to hedge against the Euro. I'd back up the money truck on Hendry's bet.
The thing is, the foundation of Hendry's is bet is against "champagne socialism", where the actual brilliance in the hedge is found in the predictible stupdity of political leaders and greed of technocratic bankers.
EUR is fixed, AGAIN (for the 30th time this month)! Rally on!
Do people really thing 50 BP will cure the problem??
it would cure my personal "problem" as I'd have to pay less to the bank every month for my variable interest rate loan ;-)
Press conference following the meeting of the Governing Council of the European Central Bank on 8 December 2011 at its premises in Frankfurt am Main, Germany, starting at 2:30 p.m. CET:
http://www.ecb.int/press/tvservices/webcast/html/webcast_111208.en.html
Don't you just love it - drop 25 bp, which should cause the Euro to fall, but set the expectation at 50 so that when 25 is announced, the Euro goes UP!
DavidC
It's all about locking in the competitive devaluation game. You in? Let the games begin.
The Squid rewards the good boys & girls to do as told...
http://capitalcontext.com/intraday/intraday-context/ This is stuck, and not updating since 4:15am :(
It will not be the end of the World when the Federal Reserve Note or the Euro collapses.
http://presscore.ca/2011/?p=4009
Merry Christmas. Boring world we live in.
BFD. BTPs are still 25bp off the lows at 6.13. Still Fckd.
Reproduction is permitted provided that the source is acknowledged.
o.k., o.k., so janet napolitano and barney frank reproduced a little timmy g.!
And the dollar is down 20+ pips already against the Euro on this news? We live in bizarro universe.