ECB Sticks Head in Sand: No Rate Cut
The European Central Bank either knows something that the rest of us do not know, or they are in a total state of denial. If you can imagine all of the negative news that has been coming out of Europe…
The official statement is far shorter than what we get to see from the FOMC:
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 0.75%, 1.50% and 0.00% 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.
So far equity futures have held their gains in the U.S., with S&P futures up close to 5 points and with DJIA futures up 43. The only good news so far is that the euro has ticked up as the rates will not be lower in Europe.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
