Better Safe Than Sorry: ECB Delivers Third Rate Cut

As expected, the ECB cut rates for a third time on Thursday. The move, 25bps, completes an abrupt about-face for the Governing Council. Maybe "about-face" isn't the right way to characterize it, but suffice to say policymakers were avowedly noncommittal about the timing of the next cut at the September policy gathering. There wasn't much to indicate October was in play, and indeed at least one official all but said this month's meeting in Slovenia wasn't live, so to speak. Between then and now