ECB Raises Key Interest Rate to Record High

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.

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