ECB Hikes Rates

The European Central Bank today announced increases in three policy interest rates:

** The "main refinancing" rate is increased from 2.00% to 2.25%.

** The "marginal lending facility" rate is increased from 3.00% to 3.25%.

** The deposit rate is increased from 1.00% to 1.25%.

These are the first such rate hikes in the last five years.

ECB reportedly took these measures to curtail inflation.

The US Federal Reserve System has been increasing rate targets at every meeting of the the Federal Open Market Committee since June '04.
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