Details of the ECB governing council meeting December 2015

  • Deposit rate cut to -0.30%
  • Main refi rate unch at 0.05%
  • Marginal lending rate unch at 0.30%
  • "Further monetary policy measures will be communicated by the President of the ECB at a press conference starting at 14:30 CET today"

Reuters initially posted that the deposit rate was left unchanged and the FT pre-emptively reported there was no cut in what turned into a total FUBAR moment.

ECB website showed the cut. Here is the full text of the ECB decision.

The market was looking for a 10-20 basis point cut in the deposit rate. This came in at the low end of expectations and the euro shot higher. If QE also comes in at the low end, it will shoot higher still.

This is going to be a long 45 mins.