FRANKFURT—The European Central Bank raised interest rates for the fourth time in a row on Thursday, although by less than at its last two meetings, pledged further hikes and laid out plans to drain cash from the financial system as part of its fight against runaway inflation.
The ECB has been raising rates at an unprecedented pace to rein in prices that have soared since economies reopened after the COVID-19 pandemic, driven by supply bottlenecks and then surging energy costs following Ukraine’s conflict.
The central bank for the 19-country eurozone raised the interest rate it pays on bank deposits from 1.5 percent to 2 percent on Thursday, moving further away from a decade of ultra-easy policy after being wrong-footed by the sudden rise in prices….