European Central Bank and the US Fed Raise Interest Rates By A Quarter Percentage Point

27th July 2023

The European Central Bank on Thursday announced a new rate increase of a quarter percentage point, bringing its main rate to 3.75% 0n 2 august 2023

The latest move completes a full year of consecutive rate hikes in the euro zone, after the ECB embarked on its journey to tackle high inflation last July.

"Inflation continues to decline but is still expected to remain too high for too long," the ECB said Thursday in a statement.

The Federal Reserve raised its benchmark lending rate by a quarter point Wednesday, lifting interest rates to their highest level in 22 years.

The Bank of England rate is currently 5% and the next rate announcement is on 3 August 2023.