Thursday, Mar 05, 2009
ECB cuts its key interest rate to 1.5% from 2.0%
BBC: Euro rates hit record low of 1.5%
The European Central Bank (ECB) has cut its key interest rate to 1.5% from 2.0%, the lowest since it started setting euro rates in January 1999. It followed a cut in UK rates by the Bank of England. US and Japanese rates are already effectively zero. A cut had been expected at the March meeting since ECB president Jean-Claude Trichet had described it as a key "rendezvous" for ECB rate-setters. Attention now turns to what other ways the ECB may try to boost the economy.
Posted by jack c @ 01:14 PM (676 views) Add Comment
7 Comments
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1. happy mondays said...
Guy's being uneducated in these financial matters can anyone explain to me what needs to happen ( if anything ) to make uk interest rates go back up to a reasonable level ? Also apart from sticking my savings in my cookie jar, is there anything else i can do to quantitative ease my position ! As am a bit frustrated at the mo, because i feel like my balls have been cut off !
regards happy mondays
2. Nocibomber said...
Buy premium bonds at least until interest rates go up again. You might not get much of a return but you're in with a chance.
3. Anon said...
Can't really say anything to ease yuor suffering. However, being a saver myself, this is a sad day for me. My own feelings aside, I can't understand the BoE (and the government's) strategy here. Money has been lost and needs to be made back, period. Instead, they are creating fake money to try and fill the losses. Ultimately, no matter how you look at it, this is going to devalue the currency. This will eventually result in inflation. So, no one wins. Excepte the ugly bankers that robbed everyone in the first place.
4. rumble said...
Formaldehyde.
5. happy mondays said...
@ 2 Thanks, my savings or my balls?
6. troy said...
happy mondays ~ try aspartame ~ it's hard to avoid in supermarkets.
perhaps that's the 'sauce' of the problem
7. inflation is eating my savings said...
4. rumble said....formaldehyde.
You wish to preserve the bankers? Or fix them? Or fumigate them?