European Central Bank raises key interest rate to historic high, keeps options open
have all slowed sharply, showing the ECB's steady diet of rate hikes is already taking a toll on the economy.
"The developments since the last meeting support the expectation that inflation will drop further over the remainder of the year but will stay above target for an extended period," the ECB said. The ECB has now increased borrowing costs by a combined 4.25 percentage points in a year, its fastest pace on record. But a peak is now clearly in sight and the debate is set to shift to how long rates will need to be kept at current levels.
With Thursday's decision the rate that banks pay to borrow at the ECB's weekly auctions was also increased to 4.25% from 4.0% while daily loans will now cost 4.50%, from 4.25% previously. Both facilities have been little used as the banking system is still awash with cash from a decade of monetary stimulus by the ECB.Reporting By Francesco Canepa; Editing by Catherine Evans
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