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In a surprise decision, the European Central Bank Thursday left its key interest rate unchanged, keeping its refinance rate a 4% due to inflation risks. Confounds chatter
The ECB's decision went against growing chatter in Wall Street circles Wednesday that the ECB, the Bank of England and the U.S. Federal Reserve would all cut short-term interest rates, as well as implement other coordinated measures, to counteract the contraction effects of subprime mortgage and related asset defaults on the world's largest industrialized economies, the European Union and the United States.
"The decision to stay flat was a bit of a surprise, but that doesn't mean there won't be a future cut," Andrew Resnick, independent currency trader, told BloggingStocks Thursday. "I think we'll still see coordinated action by the ECB and the Federal Reserve to maintain liquidity and keep overnight rates at typical levels. Also keep in mind that the Bank of England cut its rate, so maybe they're doing it sequentially to prepare the market for the new monetary policy."
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