BREAKING ECB raises interest rates by another quarter of a percentage point to 4.00% More to follow…
Tom Sharpe: Thu, September 14, 2023 at 13:16pm GMT. ECB raises interest rates by another quarter of a percentage point to 4.00% The rate increase today reflects the Governing Council’s assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission.
ECB says that interest rates have reached levels that, if maintained for a significant long duration, will make a substantial contribution to the timely return of inflation to the target.
THE new ECB rate is the highest its been since the creation of the Euro in 1999. The battle against inflation wages on as the majority of economists predicted a pause in interest rates. This is the 10th consecutive rise in interest rates and more could follow come the 26th October as the ECB announces its latest decision.
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today (September 14, 2023).