The European Central Bank is continuing its cautious approach to interest rates despite dismal economic data suggesting that Europe faces an economic recession even worse than the one afflicting the US. The ECB cut its benchmark rate by a quarter percentage point to a record low 1.25%. Many economists expected a cut at least twice as large.
The ECB slashed its benchmark rate from 4.25% all the way down to 1.5%. But it appears that it is not going to rush to zero as the Federal Reserve did.
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