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ECB Keeps Rate Unchanged At 1.50% As Expected
4 August 2011 - 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 1.50%, 2.25% and 0.75% 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.
Market reaction? None at all:
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Or 5:30 Berlesconi Standard Time
I guess raising rates last time, when two of the largest EZ members are in such trouble doesn't seem like such a clever idea now.
I see that the early dip in Italian bond yields has now been erased and they are back in positive territory for the day and headed higher no doubt.
That Portuguese idiot Barroso is now reported to have sent out a letter to the members of the European Council urging an overhaul of the bail-out mechanism, because "Markets highlight the undisciplined communication and the complexity and incompleteness of the 21st July package."
No Sh*t Sherlock.
Cue yet another emergency meeting, yet more speculation about what world-saving pronouncement will come forth from the twisted minds in charge of the Eurogroup, and ultimately, yet more negative market reaction. Circling the drain ever more quickly at this stage. Soon they'll be going through this cycle weekly, then daily, then hourly.....
But... but... the Squid said that they will take care of it! Just give them the ECB and our Bright European Future is GOLDEN! ;-)
Until the Eurozone restructures and troubled members leave, the ECB can't afford wild moves. It's another problem of the "one size fits all" paradigm. It doesn't.
It somewhat worked for the US for quite a while...
Of course the first point of discussion will be the gold price in EUR now rapidly re-approaching the all time high of EUR 1171.60 per ounce. Tricheur will then publicly wipe his ass with a 100 EUR note.
It's been a while since we heard... We Believe in a:
Strong Dollar
Strong Euro
Strong Yen
etc...
The world is racing for the bottom.
Soon, we will shoveling a path to our autos through drifts of fiat currency.
"Soon, we will shoveling a path to our autos through drifts of fiat currency."
And then driving to the Gas station where you will be asked to pay $100 for a gallon of Gas.
People are going to get hurt. Lots of people.
You can almost see them sitting on the short-bus together with two-wheels hanging over the precipice: "D'acc...ne bougeons pas..."
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