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ECB raises interest rates by 0.5%, signals more to come

The European Central Bank raised interest rates again today and pencilled in at least one more hike of the same magnitude next month.

As expected, the ECB raised interest rates by 0.5% today, bringing the deposit rate to 2.5% and the main lending rate to 3%. The ECB has been increasing rates at a record pace to fight a sudden bout of high inflation in the euro zone - the byproduct of factors such as the aftermath of the Covid-19 pandemic and an energy crisis that followed Russia's invasion of Ukraine.

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