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Economy

European Central Bank and Bank of England Deliver Duds

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By Jon C. Ogg Published
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There has been talk in Europe that Mario Draghi might have make more noise about vigilant policy to prevent weakness from arising, but very few in the investor community were expecting much from the European Central Bank (ECB). Ditto for the Bank of England. Now we have interest rate decisions from both central banks, and frankly these almost feel like duds.

In a move widely expected, the ECB maintained its interest rates steady. The interest rate policy statement said:

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 0.25%, 0.75% and 0.00% respectively.

The Bank of England’s Monetary Policy Committee voted on Thursday to maintain its official bank rate at 0.5%. The committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at 375 billion pounds.

Back to work.

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About the Author Jon C. Ogg →

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. a673b.bigscoots-temp.com.

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