The ECB raises its rates by half a point to 3% on February 2, 2023

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The European Central Bank’s decision comes after the 25 basis point increase by the United States Federal Reserve in an effort to contain inflation.

Euskaraz irakurri: Europako Banku Zentralak puntu erdi igoko ditu tasak, % 3rd art

The European Central Bank (ECB) raises its interest rates today by half a percentage point, up to a maximum 3%and will provide clues as to what he will be doing in March and May.

After the meeting, the ECB will announce details about the quantitative tapering of the debt purchase program that started in October 2014, although surprises that will affect the market have been ruled out for the time being.

This new increase comes after yesterday’s decision by the Federal Open Market Committee (FOMC, for its acronym in English) of the United States Federal Reserve (Fed) an increase in the country’s interest rates by 25 basis points until they are placed in a target range of between 4.50% and 4.75%, as reported this Wednesday.

The personal consumption spending index, the variable the Fed prefers to measure the inflationwas in the last December 5% on an annual basis and five-tenths less than the previous month. The monthly rate registered an increase of 0.1%, with no change from the previous month.

The underlying variable, which excludes energy and food prices from the calculation because of their higher volatility, was 4.4%, three tenths less.

In addition, the American labor market has emerged 223,000 jobs in the last month of December. For its part, unemployment fell two-tenths to 3.5%, according to the Department of Labor’s Office of Labor Statistics.

In this way, unemployment is recovering to the minimum level reached before the pandemic, which was also the lowest level in decades.

The country’s economy experienced a growth of 0.7% of GDP in the fourth quarter and 2.1% for all of 2022, the Bureau of Economic Analysis (BEA, for its acronym in English) has revealed.

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Source: EITB

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