ECB Delivers Second Rate Cut. Will Wing It From Here

The ECB on Thursday cut rates for the second time in three meetings, as expected. There was no drama around the decision, or certainly not compared to the competitive histrionics of Fed watchers in the lead up to next week's first cut from Jerome Powell. Headline inflation in Europe's basically back to target, and the new projections were unchanged from June. Headline price growth will average 2.5% this year, 2.2% next and 1.9% in 2026, staff reckons. It'll drift higher for the balance of the