ECB will raise rates until inflation falls back to 2%, Lagarde says

ECB’s President Christine Lagarde said in an interview with Germany’s Funke Mediengruppe published on Friday. The ECB raised its interest rates for the first time in 11 years on Thursday and guided for more hikes at its upcoming meetings. Lagarde’s strongest commitment to date to fighting inflation, which hit 8.6% in the euro zone last month, despite growing fears of a recession in the bloc as a result of Russia’s invasion of Ukraine. The European Central bank will raise interest rates ‘for as long as it takes to bring inflation back to our target,’ she told the German network of newspapers. CLICK HERE for all the latest ECB news to see how the ECB has reacted to the latest rate hike in the past year. . . .