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ECB pushes out rate hike, offers cheap cash to banks
FRANKFURT (Reuters) - The European Central Bank changed tack on its tightening plan on Thursday, pushed out the timing of its first post-crisis rate hike until 2020 at the earliest and offering banks a new round of cheap loans to help revive the euro zone economy.
The bolder-than-expected move came as the U.S. Federal Reserve and other central banks around the world are also holding back on rate hikes. It underlined how a global trade war, Brexit uncertainty and simmering debt concerns in Italy are taking their toll on economic growth across Europe.
It casts ECB President Mario Dragio once again as nurturer of confidence in the bloc's still-fragile economy, only months after the bank announced the end of four years of unprecedented asset purchases, and as Draghi himself prepares to hand over the reins to a successor later this year.
Whereas the bank had previously said rates would remain at their record low levels through the summer, it said it now expected them to stay there "at least through the end of 2019".
While investors had long stopped pricing in an ECB rate hike this year, few expected the bank to change its policy message at this meeting. The surprise move caused yields on government bonds and the euro to fall after the announcement.
https://www.marketscreener.com/news/ECB-pushes-out-rate-hike-offers-cheap-cash-to-banks–28125016/
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