The European Central Bank has reduced its benchmark interest rate by a quarter-point to 2.5 per cent, as it signalled a possible slowdown in cuts to borrowing costs.
Thursday’s widely expected move is the sixth reduction in the ECB’s deposit rate since the central bank started its rate-cutting cycle last June, when the benchmark stood at a record high of 4 per cent to counter surging inflation.
In a change of tone that signals a more hawkish stance, the ECB said that “monetary policy is becoming meaningfully less restrictive”.
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