The European Central Bank cut interest rates as expected on Thursday and kept all options on the table for its next meetings even as the case grows for a summer pause in its year-long easing cycle.

The ECB has now lowered borrowing costs eight times, or by 2 percentage points, since last June, seeking to prop up a euro zone economy that was struggling even before erratic U.S. economic and trade policies dealt it further blows.

With inflation now safely in line with its 2% target and the cut well-flagged, the focus has shifted to the ECB's message about the path ahead, especially since at 2%, rates are now in the "neutral" range where they neither stimulate nor slow growth.

The central bank for the 20 countries that share the euro offered few hints in its statement, however, sticking to

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