The European Central Bank on Thursday followed through on its plan to lift interest rates by 50 basis points, or half a percentage point, warning that “inflation is projected to remain too high for too long.” The ECB’s plan to raise rates by 50 basis points at Thursday’s meeting had been thrown into doubt after pressure on troubled Swiss lender Credit Suisse raised worries about eurozone bank exposure. Credit Suisse shares stabilized after the bank said early Thursday it would tap $54 billion in credit from the Swiss National Bank. The ECB signaled future moves would be dependent on economic and financial data given an “elevated level of uncertainty.” The ECB said it is monitoring current market tensions closely and stands “ready to respond as necessary to preserve price stability and financial stability in the euro area.” The ECB said the euro zone banking sector is “resilient, with strong capital and liquidity positions.”
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