The Latest: European Central Bank cuts forecasts

VILNIUS, Lithuania (AP) — The Latest on the European Central Bank's monetary policy meeting (all times local):

3:55 p.m.

The European Central Bank has trimmed its growth forecast for next year to 1.4% from 1.6%.

The central bank cut the outlook for 2021 by a smaller amount, to 1.4% from 1.5%.

It also trimmed its inflation forecast for next year to 1.4% from 1.5% previously, shy of its goal of having it close to but below 2%.

ECB President Mario Draghi announced the adjustments to its expectations at a news conference on Thursday after the bank took steps to strengthen the economy and boost inflation in the face of global concerns, including trade disputes.

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3:45 p.m.

European Central Bank President Mario Draghi says that "global headwinds continue to weigh" on the outlook for the 19 countries that use the euro.

Among those headwinds is the rising threat of trade tariffs, which he said "is leaving its mark on economic sentiment."

Draghi said that the central bank stands ready to use all available tools to support the economy if needed.

He spoke after the bank took steps to strengthen the economy and boost inflation. It extended the earliest date for an interest rate increase to mid-2020 from the end of this year and disclosed low interest rate terms for previously announced long-term loans to banks. Banks could in some cases enjoy negative interest on those loans if they meet benchmarks for lending the money back out to companies.

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2:50 p.m.

The European Central Bank has taken action to support the economy in the 19 countries that use the euro, responding to fears about global trade conflicts.

The ECB said Thursday it would extend the earliest date for an interest rate increase from year-end to mid-2020....