In Shocking Move, ECB Cuts By 10 Bps, Sends Deposit Rate Further Into Negative Territory!
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- In Shocking Move, ECB Cuts By 10 Bps, Sends Deposit Rate Further Into Negative Territory!
by Tyler Durden, www.zerohedge.com
While everyone was expecting Mario Draghi to announce ABS purchases, few if any had expected the ECB to also cut rates. Which it just did whacking its corridor rates across the board by 10 bps, in the process sending the Deposit Facility rate even further into negative territory, now down at -0.2%. From the ECB’s monetary policy decision:
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At today’s meeting the Governing Council of the ECB took the following monetary policy decisions:
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* The interest rate on the main refinancing operations of the Eurosystem will be decreased by 10 basis points to 0.05%, starting from the operation to be settled on 10 September 2014.
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