02 September 2010 at 13:21 GMT
As expected the ECB Governing Council left the main Refinance Rate unchanged at 1.0%.
The only notable announcement I would expect from the post-meeting news conference would be that the ECB intends to extend full allocation at weekly, monthly and 3-monthly refinancing operations at least until year-end; as somewhat controversially fore-shadowed by Axel Weber the other day. I would not expect M. Trichet to let his probable displeasure at Weber's remarks provoke a fit of pique preventing the above from being announced!
None of this should move markets greatly, given the current perception that the landscape in Europe is relatively stable, (more like an unstable equilibrium in my view!), and that the US economy is now the only problem on the horizon.
With everyone totally absorbed by the prospect of tomorrow's US labour market figures, the ECB meeting should be a non-event.