Europe’s economy has stalled. But an interest rate cut will likely have to wait for summer Boston 25 News [Video]

FRANKFURT, Germany — (AP) — Inflation in Europe is way down from its painful double-digit peak, and the economy has stalled. But the European Central Bank left its key interest rate at a record high Thursday, and its leader suggested a much-anticipated cut to borrowing costs would likely wait until June.

The decision comes as central banks around the world, including the U.S. Federal Reserve, are trying to judge whether toxic inflation has been tamed to the point that they can start cutting rates — making it cheaper for consumers and businesses to borrow, spend and invest — and avoid an economic slowdown that throws people out of their jobs.

ECB President Christine Lagarde said at a news conference that the central bank was “making good progress” in pushing down inflation to its 2% target but that “we are not there yet.”

She dropped a clue about the timing of a rate cut, saying economic datawould decide the bank’s next move and that …