# The European Central Bank held borrowing costs steady today, giving policymakers more time to assess progress on inflation after last month’s first interest rate cut in five years. The ECB’s governing council heads into the summer break leaving the benchmark deposit rate at 3.75-percent, after lowering it from a record four-percent at the June meeting. The pause was widely expected after ECB president Christine Lagarde said policymakers would need time to gather sufficient data before deciding the next move.
European Central Bank holds rates steady