ECB Seen Desisting From Further Rate Cut Until 2015
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The European Central Bank will refrain from cutting its interest rate again until at least 2015, according to economists surveyed since President Mario Draghi’s pledge last week to deliver another reduction if needed.
The Frankfurt-based central bank will leave its main refinancing rate at a record-low 0.5 percent until the end of 2014, according to the median of 18 forecasts in the monthly Bloomberg survey of economists. The same survey shows that 27 of 32 economists predict no cut in the benchmark by the end of 2013, while five see a reduction to 0.25 percent.
Draghi said on May 2 that the ECB remains ready to act again after it lowered its key rate by a quarter-point the same day. While economists in today’s survey reduced forecasts for euro-region gross domestic product this year, data suggest the 17-nation zone may return to growth after industrial production and factory orders in Germany both jumped more than forecast.
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