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ECB Keeps Rate Unchanged At 1.00% As Expected
As expected, no rate changes from the ECB. Former Goldman alum Draghi is also not expected to say anything provocative at the press conference due in 45 minutes.
From the ECB:
8 March 2012 - Monetary policy decisions
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 1.00%, 1.75% and 0.25% respectively.
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What... no rate hike for deposit facility for those poor banks? ...
Pardon me while I put on my shocked face.
Hmm, one day I will sit with my grandchildren and laugh about the days when we thought the ECB could do that...
or should I say, 'when the ECB thought they could do that'...
Will comment on inflation (which will temporary be higher) and will drive 10yr Bunds down
This New Economic Era (NEE) has destroyed any concepts of Time Preference by making the Present preferable to the Future. Interest Rates are supposed to be the price for Deferred Consumption and the dreaded Liquidity Trap is its antithesis. Expectations Theory does not augur well for modern economies with ageing demographics. Quite an amazing feat for the FIRE Sector to have basically destroyed long-term savings and made any returns on cheap Central Bank credit only possible by extracting ever-more REAL resources from the household sector in the form of exorbitant interest rates on consumer credit. and inflated commodity prices.
It looks like the system is devouring itself
In layman's terms; There is a very real cost for creating capital without creating anything of real fucking value. Oh, what's that? You want to eat? Give me some fucking gold and I'll give you some food.
Hedge accordingly.
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