FRANKFURT, Germany — The European Central Bank raised interest rates for the ninth straight time Thursday in its yearlong project to stamp out painfully high inflation and kept the door open to evenmore treks inspiteof increasing fears of economicdownturn.
ECB President Christine Lagarde had all however assured the quarter-percentage point boost and stated the bank’s next moves would be identified by what the information — consistingof inflation and task numbers — will reveal.
“We have an open mind as to what the choices will be in September and in subsequent conferences,” she informed pressreporters. “So we may walking and we may hold.”
Lagarde stated that if the bank stopsbriefly, “it would not always be for an extended duration of time.” Decisions might differ from one conference to the next, she stated, however firmlyinsisted that the ECB is “very highly rooted in our decision to break the back of inflation.”
“Are we pleased? Are we declaring triumph? No. We desire go to the end of the videogame,” she stated.
U.S. Federal Reserve Chair Jerome Powell was likewise noncommittal about whether more rate increases may be coming after the Fed on Wednesday raised its secret rate for the 11th time in 17 months.
Central banks around the world haveactually been raising obtaining expenses to battle inflation released by greater energy costs after Russia attacked Ukraine and supply chain backups as the international economy recuperated from the coronavirus pandemic.
Inflation in the 20 nations that usage the euro currency hasactually fallen from its peak of 10.6% in October to 5.5% in June — still well above the bank’s target of 2% thoughtabout finest for the