ECB Cuts Rates for Fourth Time in 2024 as Economic Concerns Persist
The European Central Bank signals cautious optimism on inflation but uncertainty looms over future rate decisions amid weak growth and geopolitical risks.
- The European Central Bank reduced its key interest rate by 25 basis points, marking the fourth rate cut this year, with the deposit rate now at 3.0%.
- ECB President Christine Lagarde expressed confidence in inflation nearing the 2% target but emphasized that the fight against inflation is not yet over.
- The central bank faces challenges from weak economic growth in the eurozone, with GDP forecasts downgraded to 1.1% for 2025 and 1.4% for 2026.
- Geopolitical uncertainties, including potential U.S. tariffs under President-elect Donald Trump and political instability in Germany and France, add to economic pressures.
- While markets anticipate further rate cuts in 2025, Lagarde maintained that future decisions will remain data-dependent and avoided committing to a specific rate path.
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