Central banks around the world follow the Fed in stepping down rate hikes | CNN Business

The Bank of England and the European Central Bank both hiked rates by half a percentage point on Thursday in their final meetings of the year. Previously, they had gone with increases of three-quarters of a percentage point. The central banks are trying to tame decades-high inflation without putting too much pressure on the economy.

The United Kingdom is already sliding into a recession, and Europe may not be far behind. The ECB said GDP across the 19 countries that use the euro may contract this quarter and next due to high energy prices, ongoing uncertainty, weak global activity and tighter financial conditions. According to the bank’s projections, a recession “would be relatively short-lived and shallow,” it added. — This is a developing story and will be updated.

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Stocks drop as central banks meet after 'higher for longer' Fed viewGlobal shares slid for a second day on Thursday as major central banks deliver their final policy decisions of the year, with the U.S. Federal Reserve signalling that it expected interest rates to stay higher for longer.
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