The Financial Times published a stunning, incorrect report on major monetary policy decision 7 minutes early

At around 7:38 a.m. US eastern time on Thursday, everyone following financial markets had a heart attack.

It began when the Financial Times tweeted: “ECB leaves rates unchanged in shock decision”

This announcement was particularly jarring because 1) the market broadly expected the European Central Bank to cut rates and 2) the actual announcement wasn’t due until 7:45 a.m.

And most stunningly 3) they got it wrong. The ECB actually did cut.

It wasn’t just an erroneous tweet that went out early. The FT published a story 9 minutes before the release reporting, “The European Central Bank has left interest rates unchanged, dashing expectations of a cut to its deposit rate.”

The FT later tweeted a correction: “Correction: please ignore earlier tweet headlined “ECB leaves rates unchanged in shock decision”. This was published in error.”

At 7:45 a.m. ET, the ECB actually announced that it cut its deposit facility rate to -0.300% from -0.200%. Read Business Insider’s full coverage of it here.

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