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European Central Bank Keeps Rates at Record
New York Times
Nov 4, 2010
LONDON — The Bank of England and the European Central Bank left their key interest rates at record lows Thursday after recent data showed that the economic recovery was showing some resilience.
A day after the U.S. Federal Reserve moved to pump another $600 billion into the banking system to strengthen the U.S. economy, the Bank of England decided against any new stimulus measures for Britain, leaving its bond purchasing program at £200 billion, or $322 billion. The main interest rate remains atf 0.5 percent.
At its meeting, the European Central Bank left its benchmark interest rate at 1 percent. Investor attention was focused instead on anything that E.C.B. President Jean-Claude Trichet might say later in the day about the bank’s plans to tighten monetary policy — even as the Fed moves in the other direction.
The Bank of England had considered expanding purchases of government debt, so-called quantitative easing, last month, but positive economic data released since then alleviated pressure for it to act.
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