ECB Leaves Interest Rates Unchanged, Will Start Corporate Bond Purchases On June 8

As expected, at least based on its less informative press release, the ECB remains in "wait and see" mode by keeping all three interest rates unchanged. The ECB also said that on 8 June the Eurosystem will start making purchases under its corporate sector purchase programme (CSPP). It adds that starting on 22 June, it will conduct the first operation in its new series of targeted longer-term refinancing operations, and will share more details in the press conference.

Full statement:

Monetary policy decisions

 

2 June 2016 

 

At today’s meeting, which was held in Vienna, 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 0.00%, 0.25% and -0.40% respectively.

 

Regarding non-standard monetary policy measures, on 8 June the Eurosystem will start making purchases under its corporate sector purchase programme (CSPP). Moreover, starting on 22 June, it will conduct the first operation in its new series of targeted longer-term refinancing operations. Further information on implementation aspects of the CSPP will be released after the press conference on the ECB’s website.

 

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:30 CET today.

More in 45 minutes when Draghi speaks.