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The European Central Bank cut interest rates as expected on Thursday and left the option for more easing open. It maintained that inflation in the euro zone is mostly under control, despite concerns about global trade.
ECB Cuts Rate To 2.75%
The European Central Bank made its fifth rate cut since June, lowering the deposit rate from 3.0% to 2.75%. Despite some signs of recovery in recent surveys, the euro zone economy remains weak, and inflation is still slightly above the ECB’s 2% target. This economic situation made the rate cut necessary to support growth and keep inflation under control. “The disinflation process is well on track,” noted the ECB.
The ECB noted that inflation is still high because wages and prices are adjusting slowly after the past inflation surge. However, wage growth is slowing down as anticipated, and company profits are helping to reduce
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