The European Central Bank on Thursday offered no surprises as it cut interest rates for the eighth time in a year — further widening the differential between official U.S. and eurozone policy rates, a gulf that has prompted President Donald Trump to lash out repeatedly at Federal Reserve Chair Jerome Powell.

The central bank's decision comes at a critical time for the euro zone economy as businesses and policy makers face increasing uncertainty in the wake of rising geopolitical tensions. The ECB also released its latest economic projections,

The key interest rate was cut by a quarter point to 2%, but the monetary cycle is 'coming to an end,' repeated Christine Lagarde, president of the European Central Bank.