The Fed, as expected cut rates on Wednesday for the first time since 2008 as tariffs and fears of a global economic downturn are weighing on economic growth. According to preliminary figures released by the Bureau of Economic Analysis on Friday, U.S. GDP growth slowed to 2.1 percent in the second quarter, down from 3.1 percent in the first three months of 2019. Ahead of the Fed’s meeting this week, economists were widely expecting a 0.25 percentage point cut, to bolster the economy preemptively and keep the current expansion alive.

As the chart from Statista.com shows, the European Central Bank lowered the interest rate for main refinancing operations to 0.00 in March 2016 and has kept it there ever since. In the meantime, the U.S. has seen eight rate hikes.

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