The ECB Raises Rates Into a Shrinking Economy, Because Washington’s War Sends Frankfurt the Bill (opens in new tab)

Covers ECB hikes interest rates for first time since 2023 as Iran war ramps up energy costs

The European Central Bank raised rates for the first time in three years, lifting the deposit rate to 2.25 percent to fight inflation driven by the US-Iran war. It did so while cutting its own growth forecast to 0.8 percent. Europe is now tightening into a war it did not start.

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