The U.S. Beats Expectations While Eurozone Interest Rates Surprise
The American economy performed better than anticipated, according to third quarter numbers released this morning. The annual growth rate hit 2.8 percent, not the 2 percent or less that economists had expected. Across the pond, the European Central Bank cut interest rates to a record low 0.25 percent, triggering a market rally and a euro fall. Recent data show the European economy still struggling, but euro-watchers hadn’t expected a move until at least December. There is some doubt, though, that worried banks will pass the lower rates to customers.