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ECB Keeps Rate Unchanged At 1.50% As Expected

Tyler Durden's picture




 

Just as 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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Thu, 08/04/2011 - 07:50 | 1523205 Cassandra Syndrome
Cassandra Syndrome's picture

Or 5:30 Berlesconi Standard Time

Thu, 08/04/2011 - 07:58 | 1523211 Quintus
Quintus's picture

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.....

 

Thu, 08/04/2011 - 08:16 | 1523249 Ghordius
Ghordius's picture

But... but... the Squid said that they will take care of it! Just give them the ECB and our Bright European Future is GOLDEN! ;-)

Thu, 08/04/2011 - 07:55 | 1523213 Version 7
Version 7's picture

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.

Thu, 08/04/2011 - 08:17 | 1523252 Ghordius
Ghordius's picture

It somewhat worked for the US for quite a while...

Thu, 08/04/2011 - 08:03 | 1523231 Jack Sheet
Jack Sheet's picture

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.

Thu, 08/04/2011 - 08:13 | 1523240 Snidley Whipsnae
Snidley Whipsnae's picture

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.

Thu, 08/04/2011 - 08:15 | 1523247 Quintus
Quintus's picture

"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.

Thu, 08/04/2011 - 08:22 | 1523265 snowball777
snowball777's picture

You can almost see them sitting on the short-bus together with two-wheels hanging over the precipice: "D'acc...ne bougeons pas..."

Wed, 09/14/2011 - 04:47 | 1667394 chinawholesaler
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