The European Central Bank, ECB said today it has raised the key interest rates by 25 basis points. This is the third rate hike this year following 50 basis points increase in February and 50 basis points in March.
According to the ECB, the inflation outlook continues to be too high for too long.
The Eurostat said in early May, the euro area annual inflation is expected to be 7% in April 2023, up from 6,9% in March 2023.
The ECB said in its release, it will keep the 2 % medium-term inflation target and will continue to reduce the asset purchase programme ( APP) portfolio by 15 billion euros per month until June 2023 as earlier published.
The ECB’ refinancing operation rate is now 3,75%, marginal lending rate 4% and deposit facility 3,25%.
The US Federal Reserve, Fed raised rates by 25 basis points in its meeting yesterday. The Federal funds range is now 5 – 5 -1/4%.
The UK Bank of England is having its monetary meeting on 11th May.
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