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ECB cuts interest rates for the first time since 2019
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investmentweek.co.ukIt follows a similar decision by central banks in Canada, Switzerland and Sweden, and is the first cut since the ECB's interest rate was negative. The decision to cut rates came despite an uptick in inflation in the eurozone, which increased more than expected to 2.6% in May, up from 2.4% in April. «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 ECB said. At the s...
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