![[DEMO] ECB Cuts Rates 25bp as Expected; Lagarde Hints at December Pause](/storage/9/conversions/crypto-web.jpg)
Key Takeaways
- Deposit rate to 3.
- Lagarde sounds less dovish than September meeting; EUR catches a bid.
The ECB delivered the widely-anticipated 25bp cut, bringing the deposit rate to 3.25%. The shift in tone came from the press conference: Lagarde noted that disinflation is "well on track" but flagged that the December meeting would be "data-dependent."
EUR/USD initially dipped to 1.0820 on the cut then reversed to 1.0890 as markets pared December cut bets from 90% to 65%.
**What this means for traders:** the easy ECB-cut trade is behind us. Position for chop, not trend, into year-end.
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