The European Central Bank raised interest rates by a quarter percentage point to a record high, choosing to press ahead with its fight against persistent inflation despite concerns that it could tip the eurozone into recession.
The rate increase, the ECB’s 10th in a row, took its deposit rate to 4% from below zero last year. The ECB signaled in a statement that it might have raised rates high enough to return inflation to target, although it didn’t rule out further rate increases.
