Thursday, September 8, 2011
ECB Holds Rates Steady
As expected, the European Central Bank has left its key lending rate unchanged at 1.5%. Over the last 5 months, the ECB has made two 25 basis point rate hikes. Leaving the rate unchanged sets the stage for anticipated rate cuts when ex-Goldmanite Mario Drgahi takes the helm at the ECB on November 1.
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BTW, the ECB has now sterilized all it's bond purchases over the last few weeks.
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