ECB, SNB cut by 50 basis points

The European Central Bank (ECB) on Thursday lopped a quarter point off its key rate and indicated further cuts were likely. The Swiss National Bank (SNB) also cut the upper and lower bounds by the same margin.

The ECB cut leaves the benchmark main refinancing rate at 3.25%.

Jean-Claude Trichet, the president of the ECB, signalled more cuts were likely following the decision, acknowledging that the governing council had discussed the possibility of a 75 basis point cut at Thursday's meeting.

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