Fox Business
Expand
Browse All Video
Watch Live

You're watching...

ECB Holds Interest Rates at 1.5%

Details

  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 5:02
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

This is -- Imus in the morning and -- Program on the Fox Business Network.

Good morning everyone the world is mourning the death of Steve Jobs today and people have already started showing up to apple stores to pay their respect.

Fox Business is to Bonnie -- she's outside one of those stores in New York City right now.

That's your money we've learned -- spent the last week of his -- completing his biography having more details on -- -- Yeah absolutely you know last night we got our research report out from Piper Jaffray is that said that the last great act and Steve Jobs is CEO was appointing.

Tim Cook in new CEO the Wall Street Journal is reporting -- what Steve Jobs in the last few weeks of his life.

Let's concentrate on the legacy He wanted to leave out into the world according to a new report from the -- Steve Jobs did in fact know that the end of his life was near and so He wanted to chronicled -- final days of final weeks of his life.

With Walter -- six and he's and then -- and man who is heading his biography called her autobiography called Steve Jobs which will be out and release.

On November 21 in a -- Will be detailed a conversation in which Steve Jobs says He knew that the end up waste -- near even -- -- fight with cancer did not become publicly aware out there -- 2004.

We got a good sense for what motivated Steve Jobs very early on back in 1993.

Telling the Wall Street Journal quote.

Been a richest man in the cemetery doesn't matter to me.

-- -- Going to bed at night saying we're doing something wonderful that's what matters to me.

And many of these Steve Jobs is them continue to me circulated around the Blogosphere everyone sort of talking about this -- this is sort of part of that.

Legacy that is unfolding.

-- an -- within twelve hours -- Steve Jobs.

Have formally being announced that Steve Jobs has passed away at.

56 years of aids Diane just a hunch guess you're gonna see some big -- sales with that one.

Yeah thanks to behind.

And it's been a busy day for the markets in Europe both the bank of England and the European Central Bank announced they are maintaining their key interest rates.

The bank -- being an also said bringing back its quantitative easing program by more than 100 billion dollars.

And markets are higher across the board there London's up by 93 Harris is up by sixty and Frankfurt's up by 58.

Now with more on those decisions and how they're moving the markets let's go over to London.

The market dot com chief economist bill who -- built both the central banks were expected to hold rates so that's not a big surprise.

But this does mark the end of John Claude trichet is tenure at the ECB president so does this somehow open a door for the ECB to cut rates later this year.

Or yes it does and I think -- to go back to the Bank of England.

I agreed with everybody else no change in rates I was somewhat surprised I was expecting the Q -- announcement next month in November but I think but the Bank of England -- was the blue book this week which.

Showed that actual growth in the year UK here had started to decline and we don't -- point 1%.

In the quarter and also the recent comments by the IMF.

Worried concerned about recession so I think what they saw and I've been quite impressed with Mervyn King who's been.

A leader rather than a -- announce the decision today now one of the things is we've mentioned He had.

The ECB -- is a I'll walk adios eccentric -- -- with mr.

trichet today I'm expecting a neutral.

To a slightly -- -- Announcement from him the fact of re imposition of six month and probably the twelve month -- DR rose to revive the finding here.

I -- it's going to be a question up I was expecting the Bank of England probably to follow the Fed.

In November but it's been really a question now the central banks beginning to realize that things off fall worse.

Then they thought and they're getting quote.

No help at all from the politicians -- either side of the pot.

And -- now that the rate decisions are behind -- there's another news conference coming up with some of Europe's top leaders.

Should we expect anything different from the usual here.

No not at all and I think this is probably one of the reasons by the Bank of England decided to take the proverbial.

Full bottle once we've seen politicians.

Politicians and politicians.

All they've been doing -- politicking over the last year so as we saw a again for the Bank of England today we have the comments earlier this week from mr.

Bernanke basically saying that we have.

Give a lot of instruments -- Aaron armament here and the feeling being that the central banks now able -- happy to take.

Total control QE2.

Again from the bank giving -- -- QE2 and a half of QE3.

From that for the Fed reserve add as I get the feeling is.

Once we get into the new year I'm expecting.

The new administration for the European central back I see rates dropping fifty basis points in the first quarter of twenty -- -- -- -- -- We'll look did you that and see if you're right -- -- -- not a problem.

You did there up across the board Imus in the morning will continue right now on -- Business giving you the power to prosper.

Load More