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Financial News: ECB To Trim Asset Purchases From Jan 2018,

ECB To Trim Asset Purchases From Jan 2018, Extends For 9 Months

10/26/2017 - 08:08:00 (RTTNews)

(RTTNews) - The European Central Bank said on Thursday that it will reduce the size of its monthly asset purchases to EUR 30 billion from the start of next year and will continue them at least till September, in line with economists' expectations for a "lower for longer" tapering.

"Purchases under the asset purchase programme (APP) will continue at the current monthly pace of EUR 60 billion until the end of December 2017," the bank said.

"From January 2018 the net asset purchases are intended to continue at a monthly pace of EUR 30 billion until the end of September 2018, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim."

The Governing Council, led by ECB President Mario Draghi, kept all its three interest rates unchanged for a thirteenth consecutive policy session.

The main refi rate was held at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate was kept at 0.25 percent.

The ECB also retained the guidance on both interest rates and asset purchases.

"The Governing Council continues to expect the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases," the bank said.

"If the outlook becomes less favorable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the APP in terms of size and/or duration," the ECB added.

Draghi is set to hold his customary post-decision press conference at 8.30 am ET when he will detail the rationale behind the latest policy decisions.

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