The gulf between borrowing costs in the US and Eurozone has reached the greatest level since before the Covid-19 pandemic and is set to widen further, just as Donald Trump grows increasingly frustrated at the US Federal Reserve’s wait-and-see approach to rate cuts.
The difference in interest rates has increased to over 225 basis points — the biggest divide since September 2019 — after the European Central Bank on Thursday lowered borrowing costs by a quarter-point to 2 per cent.
As the Fed is expected to sit tight at least until after the summer, while at least one more cut by the ECB this year seems likely, the gap can widen even more.
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