European Central Bank (ECB) Governing Council member Martins Kazaks said interest rates should be raised beyond year-end - a time when economists increasingly expect the eurozone to be in the midst of a recession. The reason for the prolonged hawkish stance, according to the Latvian official, is that elevated inflation is likely to persist despite a downturn. He backs a hike of 75 basis points this month and another 50 or 75 at the final meeting of 2022 in December, depending on data and the outlook for prices. “Given the current trend, I don’t see any need to pause after that,” Kazaks said in an interview in Washington. “The pace could slow down somewhat, and I would say that we start to
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