The European Central Bank (ECB) on Thursday cut its key interest rate by 0.25 percentage points, with inflation in the eurozone at its lowest level since mid-2021. The deposit facility rate – the interest that banks receive for parking funds at the ECB – now stands at 3.5%. The bank’s refinancing rate – the interest rate at which banks borrow money from the ECB – was lowered from 4.25% to 3.65%. The ECB last cut its interest rates in June after a long period of increasing rates to help control inflation, and then kept them steady in July. Many economists had expected a rate cut this month. Inf…