The European Central Bank ended its run of interest rate hikes on Thursday, despite new upside risks to inflation from oil markets amid the Israel-Hamas war.
The key rate is set to remain at a record high of 4%, where it was brought through 10 consecutive hikes that began in July 2022 and brought rates back into positive territory for the first time since 2011. The Governing Council said recent information confirmed its medium-term outlook for inflation to reach 2.1%.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly, as the ECB said rates had reached levels that would substantially contribute to the fight against inflation, if"maintained for a sufficiently long duration.
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