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Wall Street Appears Headed for Lower Open As Capital One Warning Raises More Credit Concerns The ECB's benchmark refinancing rate has stood at 4 percent since last June, and 50 analysts surveyed by Dow Jones Newswires were unanimous in predicting no change Thursday.
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The bank has been under growing pressure from retail and business leaders to take rates lower to prevent a consumer-led slowdown in the economy and most economists now expect a cut next month, when policymakers will have more detail on both growth and inflation forecasts.Įconomists say the European Central Bank, which was expected to announced its decision later, is torn between the threat of rising inflation and uncertainty about fallout from the U.S. The decision to keep rates on hold also gives the bank more time to assess the impact of last month's quarter of a percentage point cut - the first in more than two years - from a six-year high of 5.75 percent. Economists had expected the Bank of England's decision would be a close call as the central bank weighed data showing poor retail sales and falling house prices against the threat of higher inflation from soaring oil prices and rising food costs. The European Central Bank was expected to hold its key rate steady. The Bank of England held interest rates steady at 5.5 percent on Thursday, resisting calls for a cut amid mounting signs of a slowing domestic economy.