Scoreboard: Draghi’s deflation attack

Markets on both sides of the Atlantic pushed higher after the ECB took action to curb the threat of deflation, with both the Dow and S&P 500 hitting new records.

As expected, the ECB leapt to action last night in a desperate attempt to head off deflation and save the eurozone. In a unanimous decision the central bank slashed the main refinancing rate to 0.15 per cent from 0.25 per cent and cut the deposit rate that it pays to commercial banks for their money held at the ECB.

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