The European Central Bank left interest rates unchanged at 4.50% for the first time in more than a year as it gauges whether an unprecedented series of hikes will succeed in subduing inflation.

The ECB, like its counterparts in the US and UK, has not ruled out further rate hikes if inflation does not go down fast enough.

However, there’s little doubt among economists and investors that the high point for euro-zone borrowing costs has been reached following 10 consecutive hikes starting in July 2022.

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