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Thread: ECB holds rates at 1%

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    Default ECB holds rates at 1%

    The European Central Bank kept its main refinancing rate unchanged at a record low of 1 per cent today, as expected.

    Markets are now turning their attention to President Jean-Claude Trichet's news conference later today when he will explain the decision and present the ECB's updated staff projections for GDP and inflation.

    The ECB also kept its overnight deposit rate, which acts as a floor for money markets, at 0.25 per cent and left its marginal lending rate at 1.75 per cent.
    All 80 economists in a Reuters poll expected the ECB to leave rates on hold.
    The ECB has lowered its rates from 4.25 per cent since October as the financial crisis wreaked havoc in the euro zone economy and inflation risks have subsided.

    Since the ECB's August meeting, figures have shown Germany and France came out of recession in the second quarter and upbeat survey data have fanned hopes that the euro zone economy may return to growth in the current quarter.
    From RTE news, I don't have the link.

    I wonder how long they will keep it at this level?

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    Quote Originally Posted by Wakeupcall View Post
    From RTE news, I don't have the link.

    I wonder how long they will keep it at this level?
    Just after the 2nd quarter of next year, you heard it here first!

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    As soon as recovery starts in EU we're screwed because our cost of unds will go up while our economy is intensive care for the next decade or more. People will save their cash rather than spend it.
    The future saviour of the Irish Economy: Charles Darwin

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    Quote Originally Posted by HanleyS View Post
    As soon as recovery starts in EU we're screwed because our cost of unds will go up while our economy is intensive care for the next decade or more. People will save their cash rather than spend it.
    Ah, the cascading spiral...

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    They'll stay at this rate until about June 2010 - happy days.

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    i read an article the other day inthe indo i thik that recommended that if your on a tracker you should keep it but everyone else should fix there mortgage before it goes up in around jan. Seemed like good advice.
    "the view that a natural father who is caring for his children in such circumstances has absolutely no constitutional rights or protection in respect of his relationship with his children, and must accept the few crumbs that fall from the table of statutory protection, is increasingly untenable."

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    I guess a lot depends of the Autum figures.

    As we head into winter productivity will drop.

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    Quote Originally Posted by socialdemocrate View Post
    i read an article the other day inthe indo i thik that recommended that if your on a tracker you should keep it but everyone else should fix there mortgage before it goes up in around jan. Seemed like good advice.
    Yeah.. the trackers are killing the banks that gave them out. I was refused a top up earlier in the year on my mortgage, but was told they would give me a brand new mortgage of the same value of my current one plus the top up, because they wanted to get me off the tracker and onto a variable...

    I laughed in their faces

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    Quote Originally Posted by toughbutfair View Post
    They'll stay at this rate until about June 2010 - happy days.
    I would say March, but it may be 10bps.. a tester

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    Maybe there waiting till after Lisbon, before they crush us!

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