European, US central banks unlikely to raise interest rate

The US and European Central Banks are unlikely to raise key interest rates as the economy starts tough recovery from recession, analysts say.Eurozone interest rates are set firmly on hold and any signs of change will probably show up first in the European Central Bank's exceptional loan support measures, experts say.The ECB will leave interest rates on hold at 1.0 percent at its November policy meeting, Capital Economics economist Jennifer McKeown said on Friday. Bank policymakers convene on Thursday. The rate has been at a record low since May and persistent concern over the strength of an anticipated eurozone economic recovery will keep it there for some time, experts say.The US Federal Reserve is unlikely to raise key interest rates this week or unwind emergency support as the economy starts a tough recovery from recession. Fed policymakers were expected to hold the base lending rate at near-zero and maintain a trillion-plus dollar program to underpin the recovery at the conclusion of their two-day meeting Wednesday. Economists and traders will be poring over the Federal Open Market Committee statement released after the meeting in search of signals for the direction of monetary policy. The Federal Open Market Committee will use its post-meeting statement to acknowledge the recession has ended and revise its near-term forecast to reflect the better tone of the data, said Joseph Brusuelas of Moody's.