ECB cuts inflation and growth forecasts

The European Central Bank lowered its forecasts for inflation and economic growth on Thursday, citing a slowdown in emerging markets and weaker oil prices. ECB President Mario Draghi said inflation risks remained to the downside, mainly because of crude oil, which has fallen 30 percent in price since May after plunging last year. A key measure of the market's longer-term inflation expectations, the five-year, five-year euro zone breakeven forward has fallen below 1.7 percent.