The European Central Bank cut rates to a surprise record low and launched a sweeping round of stimulus
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(Worthy News) – The European Central Bank on Thursday announced a sweeping round of stimulus for the continent’s slowing economy, cutting interest rates to their lowest ever level and introducing a round of quantitative easing.
The bank said in a conference in Frankfurt, Germany, that it would cut its deposit rate by 10 basis points, to -0.5% from -0.4%, and purchase 20 billion euros’ worth of bonds a month starting in November.
The move marks the first time the deposit rate has changed since 2016, as Europe’s economy has struggled amid losses in demand both from Brexit and the trade war. Quantitative easing was most recently used in December. [ Source: Business Insider (Read More…) ]
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