cryptonews: The European Central Bank is increasing its base interest rate by 0.5 percentage points — despite a crisis that is gripping the banking sector. 🧐
Panic has now spread to Credit Suisse, which has uncovered "material weakness" in its financial reporting — meaning it has needed to borrow $54 billion.
And while she said that Europe's banking system is "resilient," she warned that "inflation is projected to remain too high for too long." There has been growing confidence among traders that the central bank will opt for a more modest 0.25 percentage point rise following the collapses of Silvergate, Silicon Valley Bank and Signature — with the latest Consumer Price Index reading coming in at 6%.
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