ECB stand pat, committed to lowering inflation to 2.0%

(Sharecast News) - Rate-setters in Frankfurt stayed put on policy at their latest policy meeting, but reiterated their determination to return inflation to 2.0% in timely fashion. In their policy statement, they said that: "Based on its current assessment, the Governing Council considers that the key ECB interest rates are at levels that, maintained for a sufficiently long duration, will make a substantial contribution to this goal.

"The Governing Council's future decisions will ensure that its policy rates will be set at sufficiently restrictive levels for as long as necessary."

All of the ECB's policy rates, those for the main refinancing operations, on the marginal lending facility and the deposit facility were unchanged, at 4.5%, 4.75% and 4.0%, respectively.

Although Thursday's decision had been widely anticipated, investors were keen for any clues as to the timing of the anticipated interest rate reductions over the course of 2024.

Hence the interest in ECB chief Christie Lagarde's press conference at 1345 GMT.