European Central Bank slows pace of rate hikes but vows more

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — The European Central Bank has slowed the pace of its interest rate increases, stepping back like the U.S. Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation. But the ECB also said Thursday that it’s “not pausing” even as its efforts are working by making mortgages and business loans harder to get. The quarter-point hike comes a day after the Fed approved the same increase but hinted that it may be the last for now. The central bank for the 20 countries that use the euro currency started later. ECB President Christine Lagarde says the bank has “more ground to cover, and we are not pausing.”