Reported 6 months ago
The European Central Bank (ECB) has cut interest rates by a quarter-point for the first time in five years at its governing council meeting in Frankfurt, lowering borrowing costs across the eurozone from 4% to 3.75%. This move follows the central banks of Canada, Sweden, and Switzerland in cutting rates, moving ahead of the Federal Reserve, and raising its inflation forecasts for this year and 2025. The ECB's battle against high inflation has seen progress, with inflation now just above the 2% target at its lowest point since July 2021.
Source: YAHOO