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Home Business & Finance

ECB Reduces Interest Rates to 3%, Signals Weaker Eurozone Growth

Nnaemeka OkwarabyNnaemeka Okwara
December 12, 2024
in Business & Finance
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ECB Reduces Interest Rates to 3%, Signals Weaker Eurozone Growth
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The European Central Bank (ECB) has lowered its main interest rate by 25 basis points to 3%. This decision shows a weakening economic condition across the Eurozone. This is the fourth time the ECB has reduced borrowing costs since June, bringing the deposit rate to its lowest level since March 2023.

In its updated economic projection, the ECB said the Eurozone’s growth will be slower than before. The economy is now expected to grow by 1.1% in 2025, down from the earlier prediction of 1.3% made in September. This change shows the difficulties the region is facing, such as weak demand and a less supportive global situation.

The ECB has also changed its earlier tough stance on interest rates. It no longer says it will keep high rates “for as long as needed” to control inflation. Instead, the bank now believes that the impact of higher rates will “slowly decrease” over time, suggesting a more careful approach.

The euro stayed at $1.048 compared to the dollar after a rate cut that many people expected. Market expectations remain firmly aligned with the ECB’s dovish outlook, with traders predicting a series of further reductions. Currently, it looks like the ECB might cut rates by a small amount up to five more times by September 2025, which would bring the deposit rate down to 1.75%.

In contrast, the US Federal Reserve is likely to cut rates by about 0.75 percentage points during the same time. This could bring their target range down to between 3.75% and 4%. The difference between the two shows that the Eurozone economy is weaker than the US economy, which is expected to grow more strongly.

Tags: ECBECB Reduces Interest Rates to 3%federal characterFinanceInterest rateNewsSignals Weaker Eurozone Growth
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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