European Central Bank slows pace of rate hikes but vows more

Christine Lagarde, President of the European Central Bank, arrives for a press conference after a meeting of the ECB's governing council in Frankfurt, Germany, Thursday, May 4, 2023. Christine Lagarde, President of the European Central Bank, arrives for a press conference after a meeting of the ECB's governing council in Frankfurt, Germany, Thursday, May 4, 2023.

FRANKFURT, Germany — The European Central Bank slowed the pace of its interest rate increases Thursday,

“We are not pausing,” ECB President Christine Lagarde said. “This is a journey. We have not arrived yet.” Inflation has declined for several months, but at 7% is still far above the ECB's goal of 2% considered best for the economy.

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