ECB Puts Rate Decision On Hold Until Next year

Following a European Central Bank rate decision that was basically unchanged from last meeting, ECB President Mario Draghi said they would wait until next year before considering whether further stimulus was needed. Markets had been hoping for some mention of quantitative easing in the comments, but those hopes were dashed.

Specifically, Draghi highlighted the following:

• ECB to reassess current situation next quarter
• ECB may not decide on new measures in January
• Decision to change balance sheet language not unanimous

The ECB also issued its current inflation outlook, cutting the 2015 forecast from 1.3 percent to 0.7 percent.

The S&P 500 futures, which had been trading slightly higher before the announcement, initially rallied but subsequently sold off, albeit trading down 2.00 points at 2070.50.