European Central Bank gives no clear date for rate hikes

By The Associated Press

The head of the European Central Bank says the bank would raise interest rates “some time after” ending its pandemic stimulus efforts later this year. The bank faces growing pressure to follow the United States, United Kingdom and other countries in taking a harder line to combat soaring consumer prices. But it’s not so simple in Europe. High inflation is largely imported through higher oil prices, which doesn’t generally respond to central bank moves. A slowing economic recovery is another argument for not raising rates yet. Bank President Christine Lagarde said Thursday that “we are sticking to our sequence,” with the bank having indicated any rate increase could come only after pandemic stimulus ends.