ECB pushes through 50 bps rate hike despite market turmoil

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FRANKFURT (Reuters) – The European Central Bank pushed through another big increase in interest rates on Thursday, sticking to its inflation fight despite turmoil in financial markets that has raised fears about a global banking crisis. The ECB raised its three policy rates by 50 basis points in its sixth consecutive rate hike and said future moves will depend on incoming data. “The elevated level of uncertainty reinforces the importance of a data-dependent approach to the Governing Council’s policy rate decisions, which will be determined by its assessment of the inflation outlook,” the ECB s…

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