ECB increases rates by 50bp

Central bank will scale back APP reinvestments as Eurosystem staff raise inflation forecast

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The European Central Bank

The European Central Bank raised its policy rates today (December 15) by 50 basis points, rather than the 75bp seen in its two previous hikes.

This was the ECB’s fourth rate increase in 2022 and brings eurozone rates to their highest level in 14 years. The ECB also said that from March 2023 it will scale back reinvestments of the payments from securities bought under its Asset Purchase Programme (APP). The ECB said the fall in reinvestments would amount to €15 billion per month on average until

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