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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: ECB cuts rates to all-time low AFP - 2 hours 51 minutes ago FRANKFURT (AFP) - - The European Central Bank cut its key interest rate by a quarter point to an all-time low of 1.25 percent Thursday, surprising and disappointing markets that had forecast a bigger decrease. ADVERTISEMENT The ECB might now break new ground however as it seeks to turn back a deepening recession after cutting rates six times since October. "That was a surprise," Barclays Capital economist Thorsten Polleit told AFP after the bank said it would lower its main rate by just a quarter percentage point, or 25 basis points (bp). Capital Economics counterpart Jennifer McKeown expressed "disappointment given expectations of a 50 bp cut." Polleit felt the smaller decrease reflected "concern within the ECB that by pumping even more money into the system, inflation could become a problem further down the road." The bank's governing council was "obviously increasingly concerned about the medium- and longer-term consequences of all this easing in terms of monetary policy," he said. But for McKeown, the ECB could now be seen to "lag further and further behind in its support for the economy." An ECB spokesman said the bank had also reduced its two other reference rates -- the deposit rate and the marginal lending rate -- to 0.25 percent and 2.25 percent respectively. The deposit rate is the amount of interest the ECB pays to commercial banks that leave money with it overnight. That figure has increasingly become the gauge for rates banks charge each other for overnight loans and thus a marker for wider lending to businesses and households. Financial markets will now want more from the central bank and expect ECB president Jean-Claude Trichet to give some idea of "non-standard" measures the bank might be preparing to boost the economy. UBS economist Stephane Deo said: "Our view is that rate cuts are not enough." For Polleit, "the most important question is whether the ECB is going to buy paper, corporate paper or government bonds" in an example of what is known as quantitative easing, or QE. "I think something like this is coming," he said. Efforts to haul the 16-nation eurozone out of its first recession could pull the ECB further into the murky waters called QE, essentially the creation of money to boost economic activity. The US Federal Reserve, Bank of England (BoE) and Bank of Japan have gone down this path by unveiling plans to buy government and corporate debt and high-risk, mortgage-backed securities. "Since the Fed embarked on QE we argued that the ECB will have to follow suit somehow and quickly," Deo said, even though such moves are controversial and might have to be corrected rapidly once economies begin to rebound. Until now, the ECB has focused on what Trichet calls "credit easing" and on the eurozone banking sector, which controls business financing on a much larger scale than elsewhere. The central bank's first move could be a doubling of the maturity of refinancing operations, which currently provide unlimited funds to commercial banks at fixed rates, to one year from six months. It "is the natural next step in the bank's current strategy of working through the banking system rather than sidestepping it as the Fed and BoE have begun to do," UniCredit chief eurozone economist Aurelio Maccario said. Eurozone economic perspectives have turned increasingly gloomy since late 2008 when the world was rocked by US investment bank Lehman Brothers' collapse. Unemployment rose in February to 8.5 percent, the highest level in almost three years, according to official EU data. The ECB surprised markets last month when it slashed its 2009 eurozone forecast to a contraction of 2.7 percent, but since then some analysts have said the economy could shrink by up to 4.0 percent. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo European Central Bank chief Jean-Claude Trichet attends the Economics Committee for the regular monetary dialogue at the EU Headquarters in Brussels, March 2009. The European Central Bank cut its key interest rate by a quarter point to an all-time low of 1.25 percent Thursday, surprising and disappointing markets that had forecast a bigger decrease. Most Popular – Top Stories Viewed Hot tea linked with throat cancer Guantanamo 'soooo beautiful!' 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