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LIVE: Mario Draghi Explains The Decision

Mamta BadkarJun 5, 2014, 17:43 IST

REUTERS/Fabrizio Bensch

The European Central Bank just announced a historic rate cut, pushing interest rates into negative territory.

Specifically, the ECB cut the deposit rate to -0.1%, from 0.0%, effective from June 11, 2014.

At 8:30 a.m. ET, ECB president Mario Draghi will come center-stage as he addresses this morning's rate cut.

He could announce further actions to fight weak growth and low inflation in the eurozone.

Markets are watching for any announcements on an asset purchase program, or quantitative easing. Claus Vistesen at Pantheon Macroeconomics doesn't expect the ECB to fire any sort of bazooka today though.

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