ECB Sticks Head in Sand: No Rate Cut

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