FRANKFURT: The European Central Bank announced another jumbo interest rate hike on Thursday and said further increases would follow to combat soaring inflation, even as its president, Christine Lagarde, warned a eurozone recession was looming.
The ECB's 25-member governing council repeated last month's unprecedented move and opted for another bumper increase of 75 basis points, leaving its three main rates sitting in a range of between 1.5% and 2.25%.
