Here Comes The ECB...

The European Central Bank is set to announce its latest monetary policy decision at 7:45 am ET.

Expectations are for the bank to leave its three key interest rates unchanged. The ECB's main refinancing rate is expected to remain at 0.15%, its marginal lending facility at 0.4%, and its deposit facility in negative territory at -0.1%.

Everyone will focus on ECB president Mario Draghi's press conference, which is set to begin at 8:30 am ET.

Draghi is expected to address the run of terrible economic data that has come out of the Eurozone this summer, and expand further on his comments made in Jackson Hole in late August, where Draghi said the ECB stands ready to adjust its policy further.

Draghi may also provide additional color on the timing of when the ECB might begin its TLTROs, or targeted long-term refinancing operations, which are subsidized loans aimed at boosting lending in the non-financial sector, which he has said could begin at some point this year.

In a note to clients ahead of the ECB's announcement, Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics, said the ECB will announce an asset-backed security purchase program to begin in the fourth quarter, but will not announce a plan to buy sovereign debt.

Vistesen also noted that market expectations are high going into the meeting, and the risk is that the market comes away disappointed.

We'll be back at 7:45 with live coverage of the announcement.