HERE COMES THE ECB DECISION...

Heads up! We are minutes away from the release of the European Central Bank's latest decision on monetary policy, due out at 7:45 AM ET.

The consensus view among market economists is that the ECB will elect to leave its benchmark euro area refinancing rate unchanged at 0.25%.

There is a growing camp, however, that believes the Bank's Governing Council will pull the trigger on a rate cut today.

"It is important to note that our issue is one of when the ECB will act rather than whether it will act," write interest rate strategists at Rabobank in a note to clients this morning.

"As such, any bearish market response today were the Bank not to act should be faded as this arguably simply represents the ECB deferring rather than dismissing additional policy support. Indeed, one might argue that no action today will see a need for great action later - another reason as to why one should look through any bearish market response."

We will have the ECB's full statement here LIVE at 7:45 AM ET. ECB President Mario Draghi's monthly press conference ensues at 8:30 AM. Click here to refresh for the latest updates »