Frankfurt, Feb. 15 (Bloomberg) -- The European Central Bank leftinterest rates unchanged at its meeting today, waiting for more signsthat inflation is receding before cutting rates. The central bank for the 12 nations that share the euro held itsbenchmark lending rate at 4.75 percent, as expected by all 26 analystsand investors surveyed by Bloomberg News. Twenty predict the ECBwill reduce borrowing costs by the end of June. The ECB said last week that while inflation isn't as big a risk as itlooked last year, a slackening U.S. economy may crimp exports andproduction in Europe. The world's largest economy, destination for 13percent of euro-zone exports, expanded at the slowest pace in fiveyears in the fourth quarter. ``There is no clear picture as to whether and, if so, when and howstrongly the euro area will be infected by the U.S. flu,'' said HolgerFahrinkrug, an economist at UBS Warburg in Frankfurt. ``The ECBwants to avoid giving an overdose of adrenaline to a patient apparentlystill kicking.'' Gross domestic product reports for the fourth quarter so far show apickup in the region, according to two releases today. Italy's expansionaccelerated in the fourth quarter, lifting last year's rate to the highestlevel in five years. Dutch growth sped to 1.2 percent from 0.7 percent inthe third quarter.