FRANKFURT: The European Central Bank (ECB) cut its key interest rate on Thursday by a quarter-point, first time since 2019, moving ahead of the US Federal Reserve as central banks around the world lean toward lowering borrowing costs – a shift with far-reaching consequences for home buyers, savers and investors. ECB cut its benchmark rate to 3.75% from a record high of 4% at a meeting of the bank’s 26-member rate-setting council in Frankfurt.
ECB president Christine Lagarde said inflation had eased enough for central bank to start lowering rates. agencies
