New British PM Liz Truss announces a cap on energy bills to combat cost-of-living crisis

The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. This major step frontloads the transition from the prevailing highly accommodative level of policy rates towards levels that will ensure the timely return of inflation to the ECB’s 2% medium-term target. Based on its current assessment, over the next several meetings the Governing Council expects to raise interest rates further to dampen demand and guard against the risk of a persistent upward shift in inflation expectations. The Governing Council will regularly re-evaluate its policy path in light of incoming information and the evolving inflation outlook. The Governing Council’s future policy rate decisions will continue to be data-dependent and follow a meeting-by-meeting approach. tweet at 8:15am: ECB Raises Main Refinancing Rate To 1.25% From 0.50% (est 1.25%) - Raises Marginal Lending Facility Rate To 1.50% From 0.75% (est 1.50% - Raises Deposit Rate To 0.75% From 0.00% (est 0.75%) tweet at 8:15am: ECB SAYS BASED ON ITS CURRENT ASSESSMENT, OVER NEXT SEVERAL MEETINGS ECB EXPECTS TO RAISE INTEREST RATES FURTHER TO DAMPEN DEMAND AND GUARD AGAINST RISK OF A PERSISTENT UPWARD SHIFT IN INFLATION EXPECTATIONS tweet at 8:16am: ECB SAYS REDEMPTIONS COMING DUE IN PEPP PORTFOLIO ARE BEING REINVESTED FLEXIBLY, WITH A VIEW TO COUNTERING RISKS TO MONETARY POLICY TRANSMISSION MECHANISM RELATED TO PANDEMIC #News #Forex #PANDEMIC #ECBEuropean Central Bank raises rates by 75 basis points to tackle soaring inflation The European Central Bank on Thursday announced a 75 basis point interest rate rise, taking its benchmark deposit rate to 0.75%. “This major step frontloads the transition from the prevailing highly accommodative level of policy rates towards levels that will ensure the timely return of inflation to the ECB’s 2% medium-term target,” it said in a statement. It added it “expects to raise interest rates further, because inflation remains far too high and is likely to stay above target for an extended period.” Markets had largely priced in a 75 basis point hike, with the euro largely flat against the dollar and British pound.