The European Central Bank is widely expected to cut interest rates for the fifth time since it began easing monetary policy.

It takes time for the Fed’s decisions to filter through the economy — and then even more time for consumers to see the difference.

The European Central Bank is expected to cut interest rates by 0.25% when its governing council meets today. This will bring the main refinancing rate, which is used to price mortgages, from 3.15% to 2.9%. The bank has been steadily cutting rates as inflation has declined from its peak of 10.6% in 2022.