However, in order to alleviate liquidity shortages, the ECB did surprise everyone by announcing a boost to its QE, adding a "Temporary Envelope of EU120B in Asset Purchases." The ECB also announced a new LTRO "with an interest rate that is equal to the average rate on the deposit facility. The LTROs will provide liquidity at favourable terms to bridge the period until the TLTRO III operation in June 2020. Finally, the ECB noted that "considerably more favourable terms will be applied during the period from June 2020 to June 2021 to all TLTRO III operations outstanding during that same time."
Some more details on the targeted long-term refinancing operations:
LTRO Will Have Rate Equal to Deposit Rate
TLTRO III T0 Have More Favorable Terms June 2020-June 2021
TLTRO III Measures Will Support SME Lending
TLTRO III Rate Can Be as Low as 25bps Below Average Deposit Rate
In short: no rate cut, but additional QE, new LTROs and more favorable TLTRO terms.