The European Central Bank raised its key interest rate by half a percentage point to the highest level since 2009
The central banks of the U.K., eurozone and Switzerland increased interest rates by 0.5 percentage point,in slowing the pace of increases as inflation edges lower across advanced economies.
The European Central Bank said in a statement it would raise its key rate to 2% from 1.5%, the highest level since 2009. It said it “expects to raise [rates] significantly further, because inflation remains far too high and is projected to stay above the target for too long.” The bank also said it would reduce its multitrillion-dollar bondholdings starting in March, by €15 billion, equivalent to $16 trillion, a month on average at first.
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