LONDON — President Mario Draghi will go his whole eight year tenure at the helm of the European Central Bank without ever having raised interest rates, money market pricing suggests. The ECB on Thursday extended its landmark bond-buying stimulus programme until at least September 2018, and said rates will remain at record lows until well after the scheme ends. Investors appear to have all but ruled out the chance that any rate hike will come before the Italian leaves the ECB in October 2019, making him one of only a handful of major central bank chiefs not to lift rates in the modern era. Even Ben Bernanke, the ultra-dovish former Federal Reserve Chairman who unleashed three QE programmes worth over $2 trillion in response to the 2008 crisis, raised rates. Not just once, but three times.

Source: New York Times October 27, 2017 12:11 UTC