ECB Hikes Interest Rate 75 Basis Points as Inflation Hits

The ecb has raised interest rates by a mammoth 75 bps as inflation and energy shortages hit. jackschickler reports.

The European Central Bank raised interest rates by 0.75 percentage points Thursday, the biggest single hike since it began setting monetary policy in 1999.

Bitcoin prices were stable on the announcement, which follows a 0.5 percentage point rise announced in July, as Europe faces up to significant inflation and energy shortages in the wake of the pandemic and war in Ukraine. The announcement takes the interest rate on the main refinancing operations, which provide the bulk of liquidity to the banking system, to 1.25%.

In general, crypto markets are less affected by decisions taken by the ECB and its U.K. counterpart the Bank of England, as it’s the Federal Reserve’s decisions on the U.S.

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