ECB cuts benchmark rate by quarter-point in first back-to-back reduction in over a decade 

The quarter-point cut has lowered to ECB's deposit rate to 3.25%, with money markets almost fully pricing in three further cuts through next March

The President of European Central Bank Christine Lagarde (AP Photo/Michael Probst)

The European Central Bank (ECB) delivered another cut to interest rates on Thursday, marking its first back-to-back cut in 13 years. 

In a move almost ruled out entirely just a month ago, the ECB cut rates by 0.25%, immediately benefitting tens of thousands of tracker mortgage customers.