from Zero Hedge
As expected by literally every economist, moments ago the ECB cut its three key rates by 25bps for the second consecutive meeting, in a show of support to the rapidly shrinking European economy and saying it did so because “incoming information on inflation shows that the disinflationary process is well on track” and adding that “the inflation outlook is also affected by recent downside surprises in indicators of economic activity. Meanwhile, financing conditions remain restrictive.”
Specifically, the ECB cut its Marginal Lending Facility from 3.90% to 3.65%, the Refinancing rate from 3.65% to 3.40% and the Deposit Rate from 3.50% to 3.25%.