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ECB Leaves Main Refinancing Rate Unchanged At 1.50%, No Surprise

Submitted by Tyler Durden on 09/08/2011 07:49 -0400

As usual, egos get in the way of prudent monetary policy. EUR jumps a little on the news but promptly reverts to preannouncement levels. Waiting now for the conference in which Greenspan lite will mumble and lie about Europe's future from the perspective of a clueless Ph.D.

From the Press Release:

8 September 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.

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Thu, 09/08/2011 - 07:58 | 1645435 PaperWillBurn

Gold is happy

Thu, 09/08/2011 - 07:58 | 1645437 oogs66

so much for globally co-ordinated policy of easing?

Thu, 09/08/2011 - 08:05 | 1645443 Highrev

Tyler, you're soooo jaded. Did you see tony bonn's comment in your previous post on the subject?

http://www.zerohedge.com/news/previewing-745am-edt-ecb-rate-decision#comment-1645425

Thu, 09/08/2011 - 08:18 | 1645464 101 years and c...

you're kidding right? the ECB is openly monetizing italian and spanish debt and you want to give them kudos for holding the line on rates? they're holding the line to keep the EUR (carry trade) from collapsing in a keynesian nightmare.

Thu, 09/08/2011 - 08:06 | 1645445 ziggy59

re: gold is happy..Cash-strapped Gadhafi sold gold to pay salaries (im surprised he didnt claim he sold it all)

http://www.breitbart.com/article.php?id=D9PK9Q000&show_article=1

Thu, 09/08/2011 - 08:08 | 1645449 janus

gold is happy so far...

Mr. Durden,

is there a reason you stopped posting spreads? it was a big help for janus. and, is there ANY place besides the BIS where janus can locate their real time flux?

the bloomberg terminal is not currently cost effective for janus (it will be a Christmas present -- but that's still months away).

not tryin to make your life more difficult (i'm grateful for everything) but is there a reason?

just askin for a bit of sympathy, my friend

http://www.youtube.com/watch?v=Je8MXiwmNIk

thanks,

guess who

Thu, 09/08/2011 - 08:09 | 1645450 Bee1000

They are going for the path of least surprise.

Thu, 09/08/2011 - 08:37 | 1645510 Jack Sheet

I want my 1.5% on EUR bank CDs to make me rich.

ECB Leaves Main Refinancing Rate Unchanged At 1.50%, No Surprise

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