The European Central Bank raises interest rates for the ninth straight time in its yearlong campaign to stamp out high inflation as households and businesses face a double hit from price spikes and higher rates
President of European Central Bank Christine Lagarde smiles during a press conference in Frankfurt, Germany, July 27, 2023, after a meeting of the ECB's governing council. / Photo: AP
ECB President Christine Lagarde had all but promised the quarter-percentage point increase and said the bank's next moves would be determined by what the data — including inflation and job numbers — will show. She said that if there is a pause at the next meeting in September, “it would not necessarily be for an extended period of time.” Decisions may vary from one meeting to the next, Lagarde said.
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