European Central Bank leaves key interest rate at 3.75%, waits for signs inflation is under control

AP Business Writer

The European Central Bank left its key interest rate benchmark unchanged Thursday as its rate-setting council and President Christine Lagarde take their time to make sure stubborn inflation is firmly under control before lowering rates again. The decision leaves the deposit rate at 3.75%, where it has stood after a single rate at the previous meeting on June 6. That means home buyers and businesses hoping for lower interest rates in Europe are going to have to wait at least until the bank’s September meeting for more affordable credit – and possibly even longer than that.