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Europe's inflation is way down. But hope is gone for a quick interest rate cut
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FILE - President of European Central Bank, Christine Lagarde, attends a press conference after an ECB's governing council meeting in Frankfurt, Germany, on Jan. 25, 2024. Europe's outburst of inflation is receding. But a cut in interest rates from a record-high 4% is not going to happen at Thursday's European Central Bank meeting. And it may even have to wait until summer. ECB President Christine Lagarde is likely to stress after a meeting Thursday that the bank wants to see more evidence that the inflation beast has been tamed before cutting rates. - photo by AP Photo/Michael Probst
FRANKFURT, Germany (AP) — Europe's energy crisis sparked by Russia's war in Ukraine has eased. Inflation is way down from its painful double-digit peak. But there likely won't be an interest rate cut at the European Central Bank's meeting Thursday, even as higher borrowing costs weigh on the stalled economy.