Cuttng to the chase ... nothin'! No change expected to any rates
- Refinancing rate expected to remain unchanged at 0%
- Marginal lending rate expected to remain unchanged at 0.25%
- Deposit Facility rate expected to remain unchanged at -0.4%
OK ... the fine print (this via Reuters, more there if you are after it), In brief:
- Euro zone growth and inflation slowly picking up pace
- ECB to say that its extra-easy policy stance is still needed to keep the recovery on course
- Set to maintain a promise for lengthy stimulus, having extended its bond-buying program just last month ... Draghi will note the recovery is not self-sustaining, underlying inflation is weak and political risk from key elections weighs on the outlook ... So turning down the ECB taps now is inappropriate, he is expected to say
More:
- Inflation hit a three year high last month ... but still just half of the bank's 2 percent target and the jump is mostly down to higher oil prices while underlying price growth remains dangerously weak
- Manufacturing activity is accelerating
- Confidence indicators are firming, all pointing to solid growth at the end of last year
- Euro zone business growth was the fastest in more than five years in December
- Order books are surging on export demand
- Consumption is holding up
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The European Central Bank announcement is due at 1245GMT
President Draghi's press conference will follow, due at 1330GMT
