Unlike a month ago, this time there are no NIRP announcement fireworks from the ECB which just announced it kept all rates unchanged, with the main refinancing operation rate flat at 0.15%, while the deposit facility continues its existence in NIRP purgatory at negative 0.1%.

From the press release:

 At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.15%, 0.40% and -0.10% respectively.

 The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.

As explained earlier, the focus today will be on Draghi’s conference where much more clarity on the TLTRO program (not to mention the ABS purchase) is expected. However, with an epic data avalanche out of the US at the same time, we wouldn’t be surprised if a few algos blow a gasket in the confusion what is the more important headline.

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