Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank

The European Central Bank will likely keep interest rates unchanged Thursday. Its meeting could see ECB boss Christine Lagarde sending a message to financial markets to cool it with expectations for rapid rate cuts. Stock markets are soaring on hopes that the ECB and the U.S. Federal Reserve will be cutting borrowing costs soon. But Lagarde has said bank officials need to ensure inflation is firmly under control first. That's the reason the ECB raised its key rate to a record 4% in the first place. Thursday's meeting will be closely watched for clues about when the first rate cut could come. Lagarde has indicated this summer, while markets have predicted as early as April.