The European Central Bank announced today the end of bond markets at the beginning of the third quarter, on July 1, paving the way for the first increase in interest rates in more than 10 years at its next meeting, also in July.
The Board At the same time, the ECB announced that it plans to raise its key interest rates by 25 basis points at the next monetary policy meeting in July. In the meantime, the Board decided that the interest rate on the main refinancing operations as well as the interest rates on the marginal lending facility and the deposit facility would remain unchanged at 0.00%, 0.25% and -0.50% respectively.
The bank’s announcement confirmed analysts’ estimates that the central bank would have to “run” to make up for lost ground in its battle to curb inflation. Central bank officials face the difficult task of tackling record inflation in recent months without hurting the economic growth already strained by the war in Ukraine.
Source: Capital
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