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.
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...