European Markets Are Moving Higher After The Ecb Raised Interest Rates To A Record. Boe Postpones Meeting
The pan-European Stoxx 600 rose 1.5% in afternoon trade, with all sectors trading in the green. Core funds were up 2.9%, while banks were up 2%. On Thursday, the European Central Bank announced a 75 basis point interest rate hike, taking its key deposit rate to 0.75%. The bank also revised down its inflation expectations – to an average of 8.1% in 2022 – and said it expected to raise rates further as “inflation remains very high and is likely to remain above target for an extended period”....