Both the European Central Bank and the Bank of England kept interest rates unchanged on Thursday, but markets were left disappointed by the subsequent speech from ECB President Mario Draghi.
Some strategists had hoped Draghi would use his regular news conference to announce a start to sovereign bond purchases. Instead, Draghi just said that the ECB has “stepped up” its preparations for further asset purchases, and that it it would review measures next year.
Once again, Draghi is under increasing pressure for more stimulus measures, with the euro zone battling low inflation—and the threat of deflation—and disappointing economic growth.
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