The European Central Bank (ECB) reduced its interest rates on Thursday afternoon during its October meeting, marking the third consecutive cut since June. New interest rates have been set at 3.40% for main refinancing operations, 3.65% for the marginal lending facility, and 3.25% for the deposit facility. The interest rate on main refinancing operations is the rate banks pay when they borrow money from the ECB for one week, while the marginal lending facility rate is the cost banks pay when they need to borrow money from the central bank overnight. The deposit facility rate, meanwhile, is the …