Mark Kennedy & Co. have written informing readers about the recent European Central Bank (ECB) rate hike and the effects it has had. Keep reading to stay updated on current events in the banking sector.
Banks to write to tracker customers following ECB rate hike
The main retail banks have said they will be writing to their tracker mortgage customers to inform them of their new interest rates, following the recent rate hike by the European Central Bank (ECB).
For most customers, this change will take effect from 16 November 2022. The bank stated, “Customers don’t need to take any action right now”. For further insight into what the bank has said, read the full article here.
Euro falls against the dollar after ECB rate hike
After the ECB raised interest rates, US data showed that the world’s biggest economy rebounded more than expected in the third quarter.
ECB President Christine Lagarde said that while Russia’s invasion of Ukraine and other global uncertainties meant the euro area economy faced a number of risks to the downside, inflation risks were skewed upward. Follow the link to the full article to learn more about the effects on the world’s currency.
Euro zone inflation hits record high of 10%, raising pressure on ECB
Euro zone inflation zoomed past forecasts to hit a fresh record high this month. This reinforces expectations for another jumbo interest rate hike from the European Central Bank in October.
Underlying inflation, which filters out volatile food and fuel prices, is being closely watched by the ECB. It jumped to a fresh high, adding to the urgency for more rate hikes after oversized moves in July and September. While energy prices were meanwhile up 41% compared to a year ago while unprocessed food was up 13%. Read the full article here for further details.
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