Jenni Reid is a general news reporter for CNBC International.
The European Central Bank on Thursday confirmed a widely anticipated reduction in interest rates at its meeting in Frankfurt, Germany, despite lingering inflationary pressures in the 20-nation euro zone. It takes the central bank’s key rate to 3.75%, down from a record 4% where it has been since September 2023.
Money markets had fully priced in the 25 basis point move lower at the June gathering. It is the first cut since September 2019, when the deposit facility was in negative territory. Markets have only fully priced one further reduction this year, but economists polled by Reuters last week forecast two more cuts taking place over the period. Though the ECB began hiking interest rates later, a June cut would put it ahead of the U.S.
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European Central Bank set to cut rates for the first time since 2019It will mark the official end to the record fast-hiking cycle that begun after the Covid-19 pandemic as inflation soared higher.
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