The European Central Bank stands down by keeping its benchmark interest rate unchanged. This as deflationary worries loom over the 19-nation eurozone. The ECB began a $1.2 trillion quantitative easing program back in March in an effort to lift inflation and growth. Ryan Larson, head of U.S. equity trading at RBC Global Asset Management said the same easing measures failed to lift inflation in the U.S., making it unlikely to solve Europe’s deflation woes. The ECB decision comes less than a week before the U.S. Federal Reserve holds its two-day policy meeting. The Fed is looking for an opening to make its first rate hike in nearly a decade, although many economists don’t expect a rate hike announcement from the Fed next week. TheStreet's Scott Gamm has details from New York.