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European Central Bank Cuts Interest Rate to Record Low

on November 8, 2013

World

The European Central Bank unexpectedly cut its interest rate to a record low Thursday amid concern that slowing inflation could destabilize prices.

The 23-man Governing Council voted to lower its main refinancing rate to 0.25 percent, down from a previous record low of 0.5 percent announced in May. The decision was predicted by just three of 70 economists surveyed by Bloomberg.

Supporters of further cuts pointed to recent data showing inflation dropping to its lowest level in four years.

The value of the Euro fell after the decision, though U.S. stock index futures were up.

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