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  • ECB: Bland 25bps Cut as Scheduled; October Pause and December Cut Await

    From scotiabank.com

    Once again, the ECB failed to surprise on policy decision day as it delivered a well-telegraphed 25bps rate cut to its deposit facility rate to 3.50% as we, economists, and markets had fully expected. The rate cut size, according to Pres Lagarde, was also unanimously agreed upon. Technical adjustments to its main refinancing and marginal lending facility rates to narrow spreads between official rates were also executed in line with guidance, bringing these to 3.65% and 3.90%, from 4.25% and 4.50%, respectively. The unsurprising monetary policy statement and roughly in line forecast revisions gave markets little to ... (full story)

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