The European Central Bank raised its interest rates on Thursday, as expected, for the ninth policy session in a row citing the prospect of inflation in the euro area staying too high for too long, while the bank chief Christine Lagarde signaled that policymakers are having an open mind regarding future rate decisions, suggesting that a pause may be on the horizon. The Governing Council, led by ECB President Lagarde, increased the main refinancing rate, or refi, by 25 basis points at 4.25 percent. The deposit facility rate was raised to 3.75 percent, which is the highest level in 22 years, and the lending rate was lifted to 4.50 percent.
"We are deliberately data dependent, we have an open mind as to the decisions in September and in subsequent meetings," Lagarde said during the post-decision press conference.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.