European Central Bank hikes rates again and vows more after US Fed hits pause

The European Central Bank pressed ahead with another interest rate hike on Thursday and pledged more are on the way, aiming to crush inflation that is driving up the cost of groceries even after the US Federal Reserve took a break from its own string of increases. The quarter-point rate boost, to 3.5 per cent, is the eighth straight increase since July 2022 for the 20 countries that use the euro currency.