Reacting to a sharp slowdown in Europe's economy, the European Central Bank said on Thursday it expected interest rates to remain unchanged at their record low levels at least through the end of 2019. It also announced a series of new cheap loans for banks.
"These new operations will help to preserve favorable bank lending conditions and the smooth transmission of monetary policy," the ECB said in a statement.
The ECB had previously said it expected rates to remain at present levels "at least through the summer of 2019," leaving the door ever so slightly open to a rate rise before Draghi's term ends.
Draghi will comment on the ECB's latest move to stimulate the European economy at a news conference starting at 8.30 am ET.
The ECB only ended its program of quantitative easing in December after creating €2.6 trillion ($3 trillion) in new money since 2015.
This is a developing story
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