Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon, today is Thursday, June 6thth and I'm your host Kim Khan.

First on this 80th anniversary of D-Day, a thank you to all those who have served and to the memory of those who have sacrificed.

Now our taught story so far. and to the memory of those who have sacrificed.

Now our top story so far.

The cutting cycle is in full swing.

The European Central Bank cut its policy rates by 25 basis points as expected.

That was its first cut in almost five years amid signs

that price pressures have weakened. The ECB said, based on an updated assessment of

the inflation outlook, the dynamics of underlying inflation, and the strength of monetary

policy of transmission, it is now appropriate to moderate the degree of monetary policy restriction

after nine months of holding rates steady.

The ECB is a third major central bank to lower its key policy rate,

following the Swiss National Banks move last month,

and the Bank of Canada's cut on Wednesday.

Thursday's policy move brings the marginal lending and the Bank of Canada's cut on Wednesday.

Thursday's policy move brings the marginal lending rate to 4.5%,

the main refinancing rate to 4.25%,

and the deposit facility rate to 3.75%.

Wells Fargo says that over the rest of 2024, our base cases for the ECB to pause in July

before cutting rates again in September, October, and December.

However, we suspect ECB policy makers would prefer to see return to an overall downward

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