European Central Bank hikes rates despite market mayhem, pledges support if needed
Publishing timestamp: 2023-03-16 12:14:05
Summary
Credit Suisse shares tumbled by as much as 30% in Wednesday intraday trade, and the whole banking sector ended Wednesday's session down by about 7%. The European Central Bank announced a further rate hike of 50 basis points, signaling it is ready to supply liquidity to banks if needed amid recent turmoil in the banking sector. The ECB had signaled for several weeks that it would be raising rates again at its March meeting, as inflation across the 20-member region remains sharply above the targeted level. Some market players questioned whether President Christine Lagarde would still go ahead with the move, given recent shocks in the banking sector.
Sentiment: MIXED
Keywords: banks, federal reserve system, christine lagarde, europe news, business news, euro, politics, economic events, breaking news: europe, credit suisse group ag, european central bank, central banking, stoxx 600, economy,
Source: https://www.cnbc.com/2023/03/16/ecb-rate-decision-march-meeting-lagarde-announces-new-rate-hike.html