European Central Bank hikes interest rates for ninth time to combat inflation

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — The European Central Bank has raised interest rates for the ninth straight time in its yearlong campaign to stamp out painfully high inflation. The move comes as worries about recession fuel speculation that Thursday’s hike could be its last. ECB President Christine Lagarde had all but promised the quarter-percentage point increase. That puts the focus at her post-meeting news conference on whether the bank will raise rates again at its September meeting or hold off after a record series of rate hikes. Central banks around the world have been raising borrowing costs to combat inflation. Now, the question is whether the rapid rate hikes are reaching their end.