The European Central Bank has raised interest rates by a quarter of a percentage point — less than previous increases — in a sign that eurozone borrowing costs may soon reach their peak.
The ECB’s decision on Thursday, which mirrors the US Federal Reserve’s quarter-point rate rise the previous day, took the benchmark deposit rate to 3.25 per cent, the seventh consecutive increase since mid-2022.
Central banks on both sides of the Atlantic have dramatically raised rates since last year in response to a surge in inflation. But, with price pressures down from their peak and a credit crunch looming, many economists think the rate-tightening cycle is nearing its end.
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