European Central Bank slows pace of rate hikes but vows more

The European Central Bank raised interest rates a quarter-point, slowing the rate of its increases and stepping back like the U.S. Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation.

Christine Lagarde, President of the European Central Bank, arrives for a press conference after a meeting of the ECB's governing council in Frankfurt, Germany, Thursday, May 4, 2023. Christine Lagarde, President of the European Central Bank, arrives for a press conference after a meeting of the ECB's governing council in Frankfurt, Germany, Thursday, May 4, 2023.

FRANKFURT, Germany — The European Central Bank slowed the pace of its interest rate increases Thursday,

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