ECB Keeps Rate Stable

The European Central Bank kept its quantitative-easing program unchanged as policy makers gauge whether a recent jump in inflation will endure. The governing council reaffirmed its decision that monthly asset purchases will be reduced to €60 billion ($63 billion) from April, compared with  €80 billion currently. Policy makers also left the main refinancing rate at zero and the deposit rate at minus 0.4%, as predicted by a Bloomberg survey. The ECB also said rates will stay at present or lower levels for an extended period, and well past the horizon of net asset purchases.