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Charting the Global Economy: ECB boosts rates; Fed, BOE on deck
The ECB led policymakers increasing interest rates this week. Canada slowed its pace of rate hikes, while officials in Brazil, Japan and Hungary left their benchmark rates unchanged. Colombia’s central bank raised borrowing costs to a more than two-decade high.
By Molly Smith and Vince Golle
(Bloomberg) — The European Central Bank raised interest rates to the highest in more than a decade and said it is making strides getting policy in a better position to quash inflation that remains excessive.
Policymakers, who hiked rates by 75 basis points for a second meeting, dropped a prior reference to increases continuing for "several meetings," saying simply that they expect borrowing costs to be raised "further."
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