Rate cuts mask sinister reality
The signal from the ECB that this year's series of interest rate increases is now at an end is good news for embattled Irish homeowners.
Having last raised rates as recently as two months ago it now looks as if the next move in ECB interest rates will be a reduction, possibly before the end of the year.
Unfortunately the bad news is that the ECB's interest rate U-turn has been prompted by renewed fears that the eurozone and world economy is facing into a renewed recession. If this does turn out to be the case then the demand for Irish exports, which has been one of the few bright spots in the Irish economy this year, will be hit.