LONDON: The European Central Bank on Thursday stuck with plans for a big interest rate increase, keeping up the pace of its monetary tightening to contain inflation even as markets wobble.
Overall, 10 big developed economies have raised rates by a combined 3,165 basis points in this cycle to date.1) UNITED STATES Meeting minutes showed officials had considered a 75-bps hike. The RBNZ also held its peak rate forecast at 5.5 per cent, saying that it was too early to assess policy implications from January's severe flooding in the country's North Island.The Bank of Canada on March 8 became the first major central bank to halt monetary tightening during this cycle.
Norges Bank has raised its key policy rate eight times since late 2021, hiking it to 2.75 per cent from zero, and has said it is likely to increase it to 3 per cent in March.The ECB raised its key rate by another 50 bps to 3 per cent on Thursday, its sixth successive hike and the highest level since October 2008, despite turmoil in financial markets that has raised fears about a global banking crisis.
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