The European Central Bank broke the longest streak of interest rate hikes in its 25-year history on Thursday, saying the latest data continued to point to inflation slowly coming down to its 2% target.
The central bank for the 20 countries that use the euro left the rate it pays on deposits at a record-high 4.0%, reaffirming that the current level of borrowing costs may just be enough to tame inflation if kept there "sufficiently long".
"The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions," the ECB said. "This is increasingly dampening demand and thereby helps push down inflation." Caught out by a surprise surge in prices, the ECB has spent over a year raising borrowing costs and discontinuing stimulus measures deployed over a decade of sluggish inflation, such as massive bond purchases and cheap funding for banks.
On Thursday, the ECB repeated it would keep topping up the 1.7-trillion-euro pile of bonds bought under its Pandemic Emergency Purchase Programme until the end of next year.South Africa's social relief grant is likely to be extended beyond next March, economists said, which may add an unbudgeted 50 billion rand to state expenses and require difficult trade-offs before an election year.Italian engineering group MAIRE on Thursday posted a 29.
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European Central Bank pauses as inflation drops ‘markedly’Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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