The European Central Bank gives the final rate cut of the year!
The European Central Bank (ECB) has reduced the deposit rate for the fourth time this year, by 25 basis points to 3%.
This is the rate for banks to make overnight deposits and also serves as the main tool for the ECB to guide the stance of monetary policy.
The move was widely anticipated by the market, with further cuts on the horizon in 2025.
The other two ECB interest rates were also cut, the new interest rates are set at 3.15% for main refinancing operations (for banks that borrow funds from the ECB on a weekly basis) and 3.4% for marginal lending (loans overnight for banks against broad collateral).
As inflation approaches the ECB's 2% target, there is more focus on continued weak Eurozone growth. The bloc is expected to grow by 0.8% this year and 1.3% next year, according to the forecasts of the executive commission of the European Union.
The ECB began cutting key interest rates in June 2024 to boost the rest of the Eurozone economy, through lower rates to encourage more borrowing, more spending and more investment.
After the much-anticipated cut, all eyes are on ECB President Christine Lagarde's press conference on Thursday afternoon as new risks have emerged since the bank's last meeting on October 17, including political turmoil in the two largest economies. strong Eurozone and US results. the elections.
Investors are looking for signs of what rate the ECB is targeting to stop tapering and also what inflation and economic forecasts the central bank is looking at to shape its monetary policy in 2025.
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