ECB Cuts Rates After Historic Hiking Cycle

The ECB on Thursday became the second G7 central bank in two days to cut rates. Billed as a landmark decision, the move was a foregone conclusion. The bank spent months laying the groundwork and refining the message. "Based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, it is now appropriate to moderate the degree of monetary policy restriction after nine months of holding rates steady," the new statemen