FRANKFURT, June 7 ― The European Central Bank (ECB) cut interest rates for the first time since 2019 yesterday as eurozone inflation gradually eases, but president Christine...
Yesterday's cut, the first since September 2019, came after the central bank kept rates on hold since October and will provide a much-needed boost for the beleaguered eurozone economy. ― Reuters picFRANKFURT, June 7 ― The European Central Bank cut interest rates for the first time since 2019 yesterday as eurozone inflation gradually eases, but president Christine Lagarde said the path ahead was unclear and warned of a “bumpy road”.
The move marks the ECB diverging from the US Federal Reserve, which has also hiked rates aggressively but is not expected to start cutting for months due to stronger-than-expected data. The eurozone economy also expanded faster than expected in the first quarter as it emerged from recession. Instead, some analysts believe policymakers are hoping to reduce rates every other meeting ― so once a quarter, as the bank meets every six weeks ― at the same time as they release their regularly updated projections.
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