Jun. 7, 2024
ECB Cuts Interest Rates by 25 Basis Points
TMTPOST--The European Central Bank (ECB) on Thursday announced that it would cut key interest rates by 25 basis points. The interest rate on the main refinancing operations, and the interest rates on the marginal lending facility and the deposit facility will be decreased to 4.25%, 4.5% and 3.75% respectively, effective from June 12, the central bank said in a statement. "Based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, it is now appropriate to moderate the degree of monetary policy restriction after nine months of holding rates steady," the statement said. The Bank of Canada lowered its key interest rate to 4.75% on Wednesday, its first rate cut since March 2020.
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