The European Central Bank on Thursday followed through on its plan to lift interest rates by 50 basis points, or half a percentage point, warning that “inflation is projected to remain too high for too long.” The ECB’s plan to raise rates by 50 basis points at Thursday’s meeting had been thrown into doubt after pressure on troubled Swiss lender Credit Suisse raised worries about eurozone bank exposure.
Credit Suisse shares stabilized after the bank said early Thursday it would tap $54 billion in credit from the Swiss National Bank. The ECB signaled future moves would be dependent on economic and financial data given an “elevated level of uncertainty.” The ECB said it is monitoring current market tensions closely and stands “ready to respond as necessary to preserve price stability and financial stability in the euro area.
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Major European bank tells Credit Suisse to seek urgent central bank liquidity backstop - sourceA major European bank has held talks with Credit Suisse, urging the lender to seek an urgent central bank liquidity backstop, according to a source with knowledge of the discussions. Just in time I don't understand any of this. Why bank after bank is getting bankrupt? kpps Let’s hope the shit doesn’t hit the fan again like in 2008 😱
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European Central Bank faces 'unenviable choice' on interest rates due to banking woes | CNN BusinessUntil yesterday, the European Central Bank was widely expected to hike interest rates by half a percentage point Thursday in its fight against inflation. But the market turmoil of the past 24 hours could force a rethink.
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