This
was totally unexpected – only two analysts out of 57 on Bloomberg expected a
cut. Very EUR-negative
Main
lending rate (refinancing or Refi rate) cut to 0.05% from 0.15%. Almost
at zero.
Deposit
rate goes more negative at -0.2% from -0.10%
Marginal
(lending) rate, the rate at which the ECB will lend to banks that need money
suddenly , cut to 0.30% from 0.40%
They
said they’re considering an ABS program of EUR 500bn, confirming that they’re
considering it.
SHOWS
ECB IS REALLY WORRIED. EUR/USD HEADED LOWER
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