The ECB raised interest rates by 50 basis points

on Thursday, marking a slowdown following two consecutive 75-basis-point hikes but keeping further rate hikes firmly on the table. The central bank for the 19-country eurozone raised its deposit rate to 2%, as expected, while officials pledged to shrink their €5 trillion bond portfolio through quantitative tightening, beginning in March.

^{via Bloomberg}

• Britain: The Bank of England raised its key rate in a similar half-percentage point move on Thursday, pushing the interest rate to its highest level for 14 years and bringing it to 3.5% in its ninth hike in a row after inflation hit levels not seen in more than four decades. The BoE also indicated it was likely to continue to increase interest rates next year.
• Switzerland: The Swiss National Bank raised its policy interest rate by 50 basis points to 1%, its highest level since the global financial crisis 14 years ago. SNB Chairman Thomas Jordan said while inflation had declined since August, it was “still too early to sound the all-clear” and hinted further increases were still possible.
• Norway: The Norges Bank raised rates by a quarter of a percentage point to a 13-year high of 2.75%, as expected, and said it plans to lift rates to around 3% next year, suggesting it will boost rates just once more this cycle.