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What an epic fail for financial journalism today.

The Financial Times leaked incorrect coverage ahead of the ECB's major policy announcement at 7:38am. (The actual announcement wasn't due until 7:45am).

Here is the FT's Twitter stream and the recanting of that original misinformation.

Whoops! Epic Fail For Financial Times On ECB Decision - ft mistake

Here's what actually happened:

  • The ECB announced that it would cut the deposit facility rate to -0.3% from -0.2%.
  • ECB Head Mario Draghi also said that the ECB would extended the asset purchase programme to the end of March 2017, "or beyond, if necessary."
  • The ECB would also reinvest all principal payments on the securities purchased under the asset purchase program as they mature, as long as necessary

The markets seemed underwhelmed with a selloff in European equity markets... 

Whoops! Epic Fail For Financial Times On ECB Decision - ecb cowbell