The ECB lowered rates by 25 basis points to 3.25%, as anticipated:
Deutsche Bank with a quickie on what's to come, saying that the ECB cited progress in the disinflation process and recent weaker-than-expected economic data. While the cut is notable for speeding up the easing cycle with consecutive rate reductions, the ECB remains cautious by not offering specific guidance on future policy moves, which is prudent given the uncertainties ahead. However, (Thursday's) decision likely marks a shift towards a quicker normalization of monetary policy.
Good stuff from DB, although I do prefer Adam's take:
