FRANKFURT, Germany (AP) — The European Central Bank left its key interest rate benchmark unchanged Thursday as its rate-setting council and President...
FRANKFURT, Germany — The European Central Bank left its key interest rate benchmark unchanged Thursday as its rate-setting council and President Christine Lagarde take their time to make sure stubborn inflation is firmly under control before lowering rates again.
Lagarde would not commit to a rate cut even at the September 12 meeting, saying that “the question of September and what do we do in September, is wide open and will be determined on the basis of all the data that we will be receiving” ahead of the meeting.Lagarde was asked at her post-decision news conference about the potential impact of higher U.S. tariffs on imports if former President Donald Trump returns as president in the November election.
The ECB, Fed, Bank of England and other central banks around the developed world sharply raised rates to quell an outburst of inflation that followedHigher rates make it more expensive to borrow money, spend and invest, cooling off demand for goods and, historically, the upward trend for consumer prices., slowly approaching the ECB's goal of 2% considered best for the economy. But the last mile has been tough. Inflation figure has been stuck between 2% and 3% for months.
The anti-inflation campaign has killed off a years-long rally in eurozone house prices, as mortgage costs weigh on home sales. Several eurozone countries including Spain and Ireland have large numbers of people with adjustable-rate mortgages who have faced sticker shock when looking at their monthly payments. Meanwhile financing costs have risen for renewable energy projects such as wind turbines, a key part of the EU's effort to reduce greenhouse gas emissions.
WASHINGTON -The number of Americans filing new applications for unemployment benefits increased more than expected last week, but there has been no material shift in the labor market as the data is typically noisy in July because of temporary factory closures. The weekly jobless claims report from the Labor Department on Thursday, however, suggested that it was getting harder for the unemployed to land new jobs relative to last year.
A US Navy captain was in disbelief when his destroyer came under fire from missiles never before seen in combat while dealing with pirates
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