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The European Central Bank is set to raise rates, the first such move since September 2023, as energy disruptions caused by the Iran war drive higher prices.
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The world economy is weakening as energy prices fuel a new bout of inflation.
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The World Bank says that the war is slashing global growth prospects and that a prolonged conflict could tip dozens of developing nations into years of stagnation.
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The European Central Bank also raised its inflation forecasts and cut its growth outlook.
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The European Central Bank, in hiking interest rates on Thursday for the first time since 2023, is making a choice the Federal Reserve is not: to increase rates into a supply shock.
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