ECB Lowers Interest Rates Amid Inflation Battle
TL;DR Summary
The European Central Bank (ECB) has cut interest rates for the first time in five years, signaling progress in reducing inflation, which has dropped from a peak of 10.6% in October 2022 to 2.6% in May. The ECB reduced its policy rates by a quarter percentage point, despite raising its inflation forecast and noting elevated wage increases. ECB President Christine Lagarde emphasized that future rate decisions will be data-dependent, and while the euro area's economic growth forecast has improved slightly, potential shocks from geopolitical conflicts could impact inflation expectations.
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