ECB eyes sharp interest rate hike amid recession risk

The outlook for eurozone inflation has not improved since a rate hike in July, European Central Bank board member Isabel Schnabel said in an interview with Reuters, suggesting she is support for a further significant increase in interest rates next month, even if recession risks increase. The central bank surprised investors with a 50 basis point rate hike last month on fears that inflation, now approaching double-digit territory, could take hold.

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