ECB interest rate is heading towards 4pc by May and don’t expect it to fall back soon

Interest rates could peak close to 4pc this summer and stay high for some time as the European Central Bank battles to tame prices.

No, no, no, no, no,” ECB president Christine Lagarde said when asked whether next month’s rate rise would be the last. “We know that we have ground to cover. We know that we are not done,” she said.

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