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European shares close shy of record after ECB delivers first rate-cut in five years
In new forecasts, the ECB said it expected inflation to average 2.2% in 2025 - up from a previous estimate of 2.0% and meaning it was now seen holding above the central bank's 2% target well into next year. ECB President Christine Lagarde said that only one ECB Governing Council member had opposed the bank's decision to cut interest rates earlier in the day.