The Latest: European Central Bank cuts growth forecasts

The sun is about to rise behind the European Central Bank in Frankfurt, Germany, Wednesday, March 6, 2019. (AP Photo/Michael Probst)

FRANKFURT, Germany — The Latest on the European Central Bank's monetary policy meeting (all times local):

2:45 p.m.

The European Central Bank has slashed its forecast for economic growth and inflation in the 19-country eurozone.

It now expects growth of 1.1 percent this year, down sharply from its earlier forecast for 1.7 percent. Inflation is also expected to be lower, at 1.2 percent compared with 1.6 percent forecast earlier.

President Mario Draghi announced the reduction after Thursday's policy meeting, where the bank took several steps to support a weakening economy.

The bank said it would not raise rates until the end of this year at the earliest. Previously, it had said that earliest rate hike would come in the fall. It also announced a new round of cheap loans for banks.

___

1:50 p.m.

The European Central Bank is taking steps to support a weakening economy, pushing back the earliest date of interest rate increases and announcing a new round of cheap loans to banks.

The ECB said Thursday after its regular policy meeting that it would not raise rates until the end of this year at the earliest. Previously, it had said that earliest rate hike would come in the fall.

Financial markets are waiting to see what else bank President Mario Draghi will say at a news conference.

The ECB meanwhile kept on hold its key interest rates. Those are at zero for lending to banks and at minus 0.4 percent rate on deposits from commercial banks.

You may also interested in

The hidden risk to the economy in corporate balance sheets

Aug 24, 2016

America has a debt problem, and the big borrower this time may surprise you: Corporate America

Asian stock markets mixed as investors wait for Fed cue

Aug 26, 2016

Asian stock markets were mixed Friday, with investors preferring to sit on the sidelines ahead of U.S. Federal Reserve Chairman Janet Yellen's speech for cues on the timing of the next policy rate hike

Stocks end mostly lower after Yellen speech

Aug 26, 2016

Stocks end mostly lower, giving up earlier gains after Fed Chair Yellen said the case for raising interest rates has strengthened

Broaden News
Search

Manage The Numbers is the world’s fastest-growing finance news website, featuring the latest money and market news, along with in-depth analysis so you can make the best decision.

Contact us: sales@managethenumbers.com

Subscribe to our newsletter!

Name

Email