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ECB Unexpectedly Cuts Rates

European Central Bank takes economists by surprise in cutting interest rates on threat of deflation.

By Stefan Riecher, Bloomberg | Updated on September 04, 2014

The European Central Bank (ECB) unexpectedly cut interest rates to spur economic growth and stave off the threat of deflation.

The ECB’s 24-member Governing Council reduced all three of its main interest rates by 10 basis points. The benchmark rate was lowered to 0.05 percent and the deposit rate is now minus 0.2 percent. The euro slid, as a reduction in the benchmark rate was predicted by just six of 57 economists in a Bloomberg News survey.

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