European Central Bank , Cuts Interest Rates.<br />The action was confirmed on June 6 at <br />the central bank's meeting, CNBC reports. .<br />The European Central Bank's (ECB) key <br />rate will go from 4% down to 3.75%.<br />The ECB Governing Council issued a statement.<br />Based on an updated assessment of <br />the inflation outlook, the dynamics of <br />underlying inflation and the strength <br />of monetary policy transmission, , ECB Governing Council, via statement.<br />... it is now appropriate to <br />moderate the degree of monetary <br />policy restriction after nine months <br />of holding rates steady, ECB Governing Council, via statement.<br />This is the first time that interest rates <br />have been cut since September 2019. .<br />Updated macroeconomic projections indicate that 2024's "annual average headline inflation outlook" has been increased from 2.3% to 2.5%, CNBC reports.<br />For 2025, it was raised from 2% to 2.2%.<br />The projection for 2026 stayed at 1.9%.<br />The ECB's next meeting is in July, where another rate cut is unlikely, experts say.<br />The slight upgrade to the inflation forecast <br />was to be expected, inflation has been printing <br />a little bit hotter than markets were expecting, <br />but in terms of the timing of the next cut <br />I’d still be looking to September, Dean Turner, chief euro zone economist at <br />UBS Global Wealth Management, to CNBC.<br />Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.<br />Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.<br />Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.<br />The U.S. Federal Reserve continues <br />to battle America's rate of inflation.
