Investors now expect the European Central Bank to lower interest rates at its next meeting in October.

Inflation in the eurozone dropped below the European Central Bank’s target in September for the first time in more than three years, paving the way for faster interest rate cuts.

Consumer prices rose 1.8 percent on average across the eurozone in the month, down from 2.2 percent in August, data published on Tuesday showed. The region’s central bank, which sets interest rates for the 20 countries that use the euro currency, targets inflation at 2 percent, a goal last attained in 2021.

With inflation back below the target rate and the eurozone’s economy struggling, investors are betting that the central bank will speed up the pace of its rate cuts. The chance that policymakers will cut rates at their meeting this month rose above 90 percent, financial markets show. A week ago, the chance was less

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