Thursday, May 8, 2014

ECB kept Rates on Hold

The European Central Bank kept interest rates unchanged, giving itself more time to gauge whether the euro-area recovery has reignited inflation.

The outcome was forecast by 56 of 58 economists in a Bloomberg News survey. ECB President Mario Draghi will hold a press conference at 2:30 p.m. local time to explain the decision. The deposit rate and the marginal refinancing rate were left unchanged at zero and 0.75 percent, respectively.

Inflation in the euro area was 0.7 percent in April, according to an initial estimate from the European Union’s statistics office. While that’s up from 0.5 percent in March, it was below economists’ forecasts and compares with the ECB’s goal of just under 2 percent.

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