The European Central Bank is expected to trim interest rates by 25 basis points on Thursday. That would take its key rate, the deposit facility rate, to 2%. But there's a lot of uncertainty around what the central bank could do next.

The European Central Bank on Thursday offered no surprises as it cut interest rates for the eighth time in a year — further widening the differential between official U.S. and eurozone policy rates, a gulf that has prompted President Donald Trump to lash out repeatedly at Federal Reserve Chair Jerome Powell.

It was the eighth rate cut in the past year, extending the bank’s divergence from the Federal Reserve, which has held rates steady since the end of last year.