The European Central Bank (ECB) has raised the benchmark bank rates by 25 basis points (bps) citing that inflation was down but still remained “too high for too long.” When ECB president Christine Lagarde was pressed about cutting rates by reporters, Lagard insisted the central bank was “not going to cut.”
ECB Boosts Interest Rates Amid Inflation Woes
The European Central Bank’s (ECB) Governing Council announced that it has raised three key ECB interest rates by 25bps on Thursday. The ECB’s move follows the U.S. Federal Reserve hiking the federal funds rate by 25bps the day prior. Similarly to the Fed’s decision, the ECB members of the Governing Council insisted that the bank looks to get annual inflation down to its 2% target. The interest rate hike will be the ECB’s 12th rate hike in a row.
“The rate increase today reflects the Governing Council’s assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmi
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