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ECB doubles rate to most in over a decade despite recession fear
The European Central Bank doubled its key interest rate to the highest level in more than a decade just as the likelihood of a recession mounts.
By Carolynn Look, Jana Randow and Alexander Weber
(Bloomberg) — The European Central Bank doubled its key interest rate to the highest level in more than a decade and signaled it's making progress in its battle with record inflation, just as the likelihood of a recession mounts.
Officials in Frankfurt delivered a second straight three-quarter-point hike on Thursday — as economists expected — while dropping a prior reference to increases continuing for "several meetings," saying simply they expect borrowing costs to be raised "further."
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