Interest rates in the euro zone are now 3.25% after Christine Lagarde’s central bank cut off a quarter-point this afternoon. It sealed a hat-trick of rate cuts from the European Central Bank in 2024 and markets expect further reductions at every other meeting from now until March.
Meanwhile the Bank of England’s key rate is at 5% even though UK inflation is level with the euro zone’s. Needless to say, a zillion other factors come into play when central bankers debate their policy direction, but cuts from across the Channel — and certainly from across the pond — put added pressure on Andrew Bailey and his team.
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