The European Central Bank hikes rates to historic high but hints it could pause | CNN Business

The ECB hiked the benchmark rate in the euro area to 3.75%, which matches the highest rate since the launch of the euro currency in 1999. Borrowing costs were previously jacked up this high only in October 2000. “Inflation continues to decline but is still expected to remain too high for too long,” the central bank said in a statement.

European economy weakening Recent evidence suggests the euro area may be stuck in recession, bolstering the case for a pause. Demand for business loans fell to a record low in the second quarter, according to a survey published by the ECB Tuesday. The report also found that banks had tightened credit standards further across all loan categories. Separately, survey data released Monday showed that business activity in the eurozone contracted at the fastest pace in eight months in July.

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Limited support for central bank digital currencies in global investment industry surveyThe most comprehensive survey of the global investment industry on central bank digital currencies to date has shown both limited support and a lack of understanding of how a digital dollar, euro, yen or pound would work.
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