The European Central Bank raised interest rates by more than expected yesterday as concerns about runaway inflation trumped worries about growth, even while the eurozone economy is suffering from the impact of Russia’s war in Ukraine. The ECB raised its benchmark deposit rate by 50 basis points to 0%, breaking its own guidance for a 25 basis point move as it joined global peers in jacking up borrowing costs. It was the ECB’s first rate increase in 11 years. Policymakers also agreed to provide extra help for the eurozone’s big debtor nations — Italy among them — with a new bond purchase scheme. Sources told Reuters they did not expect to use it imminently despite a selloff in Italian bonds.
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