European Central Bank poised to cut rates again as inflation drops below target

LONDON (AP) — The European Central Bank, which sets interest rates for the 20 countries that use the euro currency, is expected to cut borrowing costs once again on Thursday after figures showed inflation across the bloc falling to its lowest level in more than three years and economic growth waning. The bank’s rate-setting council is expected to lower its benchmark rate from 3.5% to 3.25% at a meeting taking place in Llubljana, Slovenia, rather than its usual Frankfurt, Germany, headquarters. The anticipated cut would be its third since June. Inflation has been falling by more than anticipated. In September, it was down at 1.8%, the first time it has been below the ECB’s target of 2% in more than three years.