ECB cuts rates once more as eurozone economy sags

European economy still on track for 'soft landing,' Lagarde says

20241017N ECB

The quarter-point cut brings the rate that the ECB pays on banks' deposits down to 3.25%. © Reuters

(Reuters) -- The European Central Bank cut interest rates on Thursday for the third time this year, saying inflation in the eurozone was increasingly under control while the outlook for the bloc's economy was worsening.

The first back-to-back rate cut in 13 years marks a shift in focus for the eurozone's central bank from bringing down inflation to protecting economic growth, which has lagged far behind that of the United States for two years straight.

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