The European Central Bank and Bank of England both continued to raise interest rates at a historically rapid pace.
That's in contrast to the Federal Reserve, which continued to downshift its pace of hikes with a quarter-point increase on Wednesday.: In a statement announcing the decision, the ECB said it intended to rates by a similar amount at its next policy meeting in March in the face of underlying inflation pressures — with more hikes likely to come.
Data out on Wednesday showed that overall inflation in the European Union continued to slow to 8.5% in the year through January, compared to 9.2% in December. But the gauge that excludes food and energy costs held steady.sent a more optimistic message — one that hinted the central bank could soon pause its interest rate hikes.
Andrew Bailey, the Bank of England's top official, acknowledged that the country had "turned a corner" on inflation during a news conference, though he warned that there were still plenty of risks ahead. The central bank also said that further increases may be warranted if there is evidence of more persistent inflation.: In 2022, most global central banks were very much taking similar steps to contain inflation and all raising interest rates rapidly to do so.Axios on facebook
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