The European Central Bank has decided to keep its key interest rate at a record high. Now, it's facing expectations it will start cutting borrowing costs next year to support the shrinking economy. The decision Thursday follows similar outcomes this week from the U.S. Federal Reserve, Bank of England and Swiss National Bank to leave rates unchanged. The ECB gave away little about its future moves but noted that inflation was “likely to pick up again temporarily in the near term.” In a signal that cuts may not be around the corner, bank President Christine Lagarde said future decisions will ensure that rates “will be set at sufficiently restrictive levels for as long as necessary.”
