European Central Bank raises interest rates by half-point, twice that of US Fed hike
Some areas of the European Union saw inflation rates as high as 23.1% last year.
Updated: February 2, 2023 - 10:22am
The Facts Inside Our Reporter’s Notebook
The European Central Bank on Thursday raised key interest rates by 50 basis points, or a 0.5% hike, one day after the U.S. Federal Reserve raised interest rates by 25 basis points, or 0.25%, as both financial institutions attempt to fight high inflation.
The European bank, which oversees the 20 countries that use the euro, raised its lending rate to 3% and its rate for deposits to 2.5%.
The Fed's federal funds rate is 4.5% to 4.75% after Wednesday's announcement.
Both financial bodies have the goal of lowering inflation to 2%. The United States saw rates as high as 9.1% in June, while some areas of the European Union saw inflation rates as high as 23.1% last year.
Just News, No Noise
- Cohen attorney letter to FEC appears to undercut DA Bragg's Trump case
- Kari Lake scores win as Arizona Supreme Court sends part of her lawsuit back to trial court
- Jim Jordan says liberal groups may have broken anti-trust laws by blocking conservative advertisers
- Judge impressed by evidence of Biden administration coercion in social media censorship case
- House Judiciary probing whether DC Democrats intervened to pressure NY prosecutor to charge Trump