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January 09, 2014 AT 1:37 PM
The ECB and Bank of England both made no changes to their benchmark interest rates earlier today as had been expected. ECB President Mario Draghi said in his usual press conference following the meeting that he expects rates to stay low for an extended period and that growth risks remain on the downside. Lastly he said that the ECB stood ready to act if money-market conditions tightened or if the danger of deflation became imminent. US equities opened the day with a sharp sell-off; the S&P 500 (INDEXSP:.INX) was down as much as 7.5 points. However some buyers appeared later