Traders saw the all-clear on Thursday from the European Central Bank to bet on even steeper interest rate cuts ahead, confident the central bank will ease policy further if trade tensions dent a fragile economy.

The central bank cut by a quarter of a percentage point to cushion Europe’s flagging economy from Trump’s trade war.

Policymakers lowered rates a quarter point and said that the region’s growth outlook had “deteriorated” because of rising trade tensions.