Eurozone money-market pricing on Thursday showed traders sharply reducing expectations that the European Central Bank will lower borrowing costs at its September policy meeting. Contracts now imply about 5 basis points of easing, down from roughly 8 basis points earlier in the day, indicating a 25% probability of a cut. Beyond September, investors still anticipate roughly 20 basis points of further easing in 2025, according to derivatives linked to the ECB’s deposit rate. The shift underscores uncertainty over how quickly the Governing Council will resume loosening policy after its initial reduction in June.