The European Central Bank (ECB) lowered its key interest rates by a quarter percentage point on Thursday, following a series of hikes aimed at getting a grip on high inflation. The ECB cut its deposit rate by 0.25 percentage points to 3.75% after almost nine months at a record high, the bank announced in Frankfurt. It also announced a cut of its refinancing rate by 0.25 percentage points to 4.25%. The ECB’s action ends a rate-hiking cycle that began in July 2022. Lower interest rates are good news for borrowers, as they make loans more favourable. Savers, on the other hand, can expect to recei…