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

FRANKFURT, Germany — (AP) — 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 quarter-point cut 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.

Lagarde would not commit to a rate cut even at the September 12 meeting, saying that “the question of September and what do we do in September, is wide open and will be determined on the basis of all the data that we will be receiving” ahead …