The European Central Bank unexpectedly cut interest rates at today’s decision to spur economic growth and stave off the threat of deflation. The ECB’s 24-member Governing Council meeting in Frankfurt reduced all three of its main interest rates by 10 basis points. The benchmark rate is now 0.05 percent and the deposit rate is now minus 0.2 percent. A reduction in the benchmark rate was predicted by just 6 of 57 economists in a Bloomberg News survey. Draghi will speak to reporters at 2:30 p.m. in Frankfurt to explain the decision. The rate cuts come three months after an historic package of stimulus measures and two ... (full story)