The European Central Bank left interest rates unchanged on Thursday after cutting eight times in a year, biding its time while Brussels and Washington negotiate over trade. Its main policy rate is currently at 2% down from 4% a year ago, and inflation is back at the ECB's 2% goal.

The European Central Bank probably isn't going to cut interest rates again on Thursday. That's because the bank's leaders don't know what kind of headwinds they'll be facing from U.S. trade policy.

The European Central Bank is leaving interest rates unchanged as it waits to see how big a blow U.S. President Donald Trump’s tariffs will inflict on the economy before deciding whether to cut rates a