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Now, they expect a cut of only a quarter-point by then.
While few analysts expected the central bank to cut rates, many still expect a cut in coming months.
"We expect a cut by 75 or 100 basis points in December and further rate cuts next year.
The markets expect a cut of one to two percentage points from the current rate of 3%.
Most economists expect a cut in rates within the next three months, and perhaps as soon as the ECB's meeting on February 4th.
The benchmark European rate, the refi rate, stands at 0.75 percent, a record low; many economists expect a cut to 0.5 percent.
Similar(42)
The bond market is certainly expecting a cut.
The hardest days were groundbreakings, when everyone who showed up expected a cut.
The Federal Reserve in the US had been expected by the markets to raise rates in 2016; now the markets are expecting a cut.
Most analysts had expected a cut half that size, given persistent inflation pressures that risk being stoked if growth accelerates again.
Treasury prices rose after the Fed announcement, even though some traders and investors had expected a cut of half a percentage point.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com