ECB Keeps Rates Unchanged

Unlike last month, when in an act of futility and desperation, the ECB pushed NIRP into NIRPer territory, this time the ex-Goldmanite in charge of Europe's money printer decided not to antagonize Germany further, and to do nothing.

From the ECB:

At today’s meeting, which was held in Naples, 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 0.05%, 0.30% and -0.20% 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.

And now, attention shifts to Draghi's press conference in 45 minutes in which he is expected to explain i) how he will increase the ECB's balance sheet by €1 trillion when there is only €500 billion in evailable ABS to monetize and ii) how much Greek junk bonds he needs to buy for Europe to emerge from its triple-dip recession, which it has by now certainly entered.