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‘Deep recession is inevitable’: ex-ECB chief Mario Draghi calls for huge stimulus to prevent a coronavirus depression
"The challenge we face is how to act with sufficient strength and speed to prevent the recession from morphing into a prolonged depression."
Base interest rates will remain at -0.5%, as Christine Lagarde takes over from Mario Draghi as ECB president.
As Mario Draghi finishes his tenure as ECB president, Europe's economy looks to be stagnating.
The European Central Bank cut rates to a surprise record low, and launched a sweeping round of stimulus
The ECB cut interest rates 10 basis points to -0.5% and will buy bonds starting in November.
Stock markets are mostly flat before the Fed meets. Traders may "need to buckle up tightly and prepare for a potentially wild ride," said an analyst.
Trump just attacked Mario Draghi — accusing the European Central Bank chief of manipulating the euro
Draghi pledged stimulus if conditions don't improve. The lower euro is "making it unfairly easier for them to compete against the USA," Trump tweeted.
Asian and European stocks and US futures fell on Thursday after central banks stoked growth fears and Theresa May agreed a six-month delay to Brexit.
US futures and European stocks rose ahead of the Brexit summit, ECB meeting and release of Fed minutes and inflation data.
"We are now seeing a more persistent deterioration of external demand," European Central Bank President Mario Draghi said on Wednesday.
That means a base deposit rate of -0.4%, and a quantitative easing program capped at €15 billion per month, down from €30 billion up until the end of September.