ECB governing council meeting announcement 8 September 2016
Main refinancing rate 0.0%
Deposit rate -0.40%
Marginal lending rate 0.25%
QE €80bn per month
QE to run to March 2017 or beyond if necessary
Continues to expect the key ECB rate to remain at present or lower levels for an extended period of time and well past the horizon of QE
The Euro's popped through 1.1300 to 1.1316 as those longs didn't get torpedoed by a definitive message on an extension. That all may change at the presser though.
Monetary policy decisions
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 0.00%, 0.25% and -0.40% respectively. The Governing Council continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases.
Regarding non-standard monetary policy measures, the Governing Council confirms that the monthly asset purchases of €80 billion are intended to run until the end of March 2017, or beyond, if necessary, and in any case until it sees a sustained adjustment in the path of inflation consistent with its inflation aim.
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:30 CET today.