ECONOMY

ECB, Bank of England push may mean bigger step into zero-rate era

The European Central Bank and the Bank of England may drive global monetary policy deeper into the world of zero interest rates and unorthodox methods on Thursday as they seek to stimulate their flagging economies.

The ECB will take its benchmark interest rate below 1 percent for the first time, cutting it by a quarter percentage point to a record low of 0.75 percent, and reduce its deposit rate to zero, according to a Bloomberg News survey of economists. The Bank of England will raise its target for bond purchases by 50 billion pounds to 375 billion pounds, another survey shows.

The moves would push JPMorgan Chase