The European Central Bank offered no surprises Thursday as it left interest rates unchanged. The Governing Council left the main refinancing rate at 0%, while the rate on deposits parked overnight at the bank remains at minus 0.4%. The rate on the bank's marginal lending facility remains at 0.25%. In a statement, the bank repeated that it expects rates to remain "at present or lower levels for an extended period of time, and well past the horizon" of its bond-buying program, which is scheduled to run through at least December. The ECB also repeated that it stands ready to extend the size or the duration of the bond-buying program if the outlook deteriorates. ECB President Mario Draghi will hold a news conference at 2:30 p.m. Frankfurt time, or 8:30 a.m. Eastern.
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