The European Central Bank (ECB) governing council member Klaas Knot said on Tuesday that the central bank is likely to continue to cut interest rates at least through the first half of 2025, to a level between 2% and 3%, per Reuters.  

Key quotes

"I would expect us to continue to gradually reduce interest rates in the coming time, also in the first half of 2025.“

"I don't expect rates to return to the extremely low levels we saw before the pandemic. They will likely end up on a somewhat more natural level. I don't know where exactly, but somewhere starting with a 2.”