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The European Central Bank kept its key interest rate at a record high Thursday and said it will leave it there as long as needed to battle back inflation, signaling that cuts are not around the corner despite expectations it will act next year to support the shrinking economy.
It follows similar decisions this week by the U.S. Federal Reserve, Bank of England and Swiss National Bank to leave rates unchanged. The Fed went further by signaling it could make three interest rate cuts next year.
The ECB gave away little about its future moves after keeping its benchmark rate at 4 percent, reiterating that it will make decisions based on the latest information on how the economy is doing.
