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ECB plans July rate hike as inflation problem worsens

FRANKFURT — The European Central Bank has outlined plans to raise interest rates for the first time in more than a decade, joining many of its peers in raising borrowing costs to tackle persistent inflation that is spreading far beyond the United States

In an unusually detailed statement, the ECB said it intended to raise its key interest rate by a quarter of a percentage point at its next policy meeting in July to minus 0.25%, and to increase it again in September, perhaps by more than 0.25 percentage points. It announced that it would end its large-scale bond-buying program on July 1.


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