ECB Ignores Banking Catastrophe and Leaves Rates Unchanged

Perhaps the Europeans decided to look at what the zero percentage rate has done for the United States and Japan.  Perhaps the ECB has another bag of tricks that it will use to shore up its banks.  Perhaps Nero just wants to let Rome burn.

Now the hope will be that Draghi will hint that rates could be cut at the next date in July, or maybe that the ECB will step in with more loans and guarantees for the banking giants that are under so much pressure.

The Euro was under $1.25, the German DAX was up over 1%, and S&P Futures were up just over 11 points on last look.

JON C. OGG