Traders saw the all-clear on Thursday from the European Central Bank to bet on even steeper interest rate cuts ahead, confident the central bank will ease policy further if trade tensions dent a fragile economy.

The European Central Bank reduced its benchmark lending rate for the seventh time since it started lowering borrowing costs in June.

Federal Reserve Chairman Jerome Powell is infuriating President Donald Trump by not moving to further cut interest rates, in contrast to aggressive easing by the European Central Bank.