Inflation’s down and the European Central Bank has cut rates, again. Next up: The Fed.

AP Business Writer

FRANKFURT, Germany (AP) — With inflation subsiding, the European Central Bank is cutting its benchmark interest rate  to prop up tepid growth with lower borrowing costs for companies and home buyers. The bank’s rate-setting council lowered the deposit rate from 3.75% to 3.5% at a meeting at its skyscraper headquarters in Frankfurt on Thursday. It was the second rate cut as the bank starts to withdraw some of the swift rate increases it imposed to snuff out a burst of double-digit inflation that broke out after Russia cut off most natural gas supplies over its invasion of Ukraine.