ECB raises rates by 25 basis points to 22-year high; signals more to come

The European Central Bank (ECB) increased interest rates for the eighth consecutive time and hinted that more measures may be on the horizon to manage high inflation. Despite decreasing commodity prices, the labour market remains tight, wage growth fast and underlying price pressures, particularly for services, have stayed high, which is why some policymakers have suggested a July rate hike and most are keeping an open mind about September.