It was the eighth rate cut in the past year as officials try to steer Europe’s economy through “exceptional” uncertainty.

The European Central Bank on Thursday announced a 25-basis-point interest rate trim taking the deposit facility rate to 2%, down from a mid-2023 high of 4%. Ahead of the announcement, traders had been pricing in an almost 99% chance of the quarter-point cut according to LSEG data.

The European Central Bank on Thursday cut its main interest rate again, citing slowing price rises. The widely anticipated move takes the ECB’s main rate to 2%, from 2.25% previously, and marks the eighth time the central bank has slashed borrowing costs since last June as inflation has tumbled from multi-decade highs.