European Central Bank President Mario Draghi spoke at a press conference following the institution’s latest monetary policy decision.
The central bank was widely expected to leave interest rates on hold, but investors listened in for more details from the ECB chief on the bank’s cheap loan program and its revised forward guidance.
The central bank said interest rates on its marginal lending facility and deposit facility would remain unchanged at 0%, 0.25% and -0.40%, respectively. These have been at record lows following the euro sovereign debt crisis of 2011 in an effort to boost inflation and stimulate growth.
In a surprise revision to its forward guidance, the ECB said in a statement that the governing council “now expects the key ECB interest rates to remain at their present levels at least through the first half of 2020.”
The ECB, along with the U.S. Federal Reserve, have had to take a more dovish tone as concerns grow over a cooling global economy and the tense trade battle between the U.S. and China.