The European Central Bank on Thursday plowed ahead with its plan to lift interest rates by 50 basis points, or half a percentage point, despite jitters over the banking sector, warning that “inflation is projected to remain too high for too long.”
Credit Suisse shares stabilized after the bank said early Thursday it would tap $54 billion in credit from the Swiss National Bank. Updated ECB staff projections see inflation averaging 5.3% in 2023, 2.9% in 2024 and 2.1% in 2025. The ECB’s inflation target stands at 2%. The ECB said 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.” The ECB said the eurozone banking sector is “resilient, with strong capital and liquidity positions.”
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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 markets set to rally after Swiss central bank steps in to help Credit SuisseEuropean markets are set to rally at the open Thursday after the Swiss National Bank said it would provide additional liquidity to Credit Suisse. MohammedSekouty Hope for the best, prepare for the worst. LET ALL BANKS FAIL! 🙌 CRYPTO IS THE FUTURE!!! 🙌 Eh.. I just ate so much.. foodcoma 😒🥱😴 💀 When you won’t let the zombie bank die , you let another 7 banks to collapse with it
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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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