Biden administration forgives $4.5 billion in student debt for over 60,000 public service workers

The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which the Governing Council steers the monetary policy stance – is based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. The incoming information on inflation shows that the disinflationary process is well on track. The inflation outlook is also affected by recent downside surprises in indicators of economic activity. Meanwhile, financing conditions remain restrictive. post: ECB Cuts Deposit Facility Rate By 25Bps To 3.25%, From 3.50%; As Expected - Cuts Main Refinancing Rate By 25Bps To 3.40% - Cuts Marginal Lending Facility By 25Bps To 3.65% post: ECB: INTEREST RATE DECISIONS WILL BE BASED ON ITS ASSESSMENT OF THE INFLATION OUTLOOK IN LIGHT OF THE INCOMING ECONOMIC AND FINANCIAL DATA, THE DYNAMICS OF UNDERLYING INFLATION AND THE STRENGTH OF MONETARY POLICY TRANSMISSION post: ECB: WILL KEEP RATES "RESTRICTIVE" FOR AS LONG AS NECESSARY ECB: WILL FOLLOW MEETING-BY-MEETING, DATA-DEPENDENT APPROACH ECB: WILL NOT PRE-COMMIT TO A PARTICULAR RATE PATH ECB: INFLATION EXPECTED TO RISE AGAIN BEFORE DECLINING TO TARGET ECB: DISINFLATIONARY PROCESS IS WELL ON…European Central Bank cuts interest rates after inflation falls below 2% The European Central Bank has cut its headline interest rate by a quarter of a point to 3.25% after inflation in the eurozone fell below its 2% target. ECB policymakers were under pressure to reduce the deposit rate after inflation figures out earlier on Thursday showed annual prices growth in the single-currency bloc had eased in September to 1.7%, down from 2.2% the previous month. The cut is the ECB’s third of the year, putting it two ahead of the Bank of England, which is widely forecast to cut the cost of borrowing in the UK by 0.25 percentage points from the current level of 5% when the Bank’s monetary policy committee meets again next month.

In the week ending October 12, the advance figure for seasonally adjusted initial claims was 241,000, a decrease of 19,000 from the previous week's revised level. The previous ...