The daily business briefing: September 9, 2022

ECB raises interest rates by most since 1999 to fight inflation, study finds 650,000 U.S. properties to fall under rising tide boundaries by 2050, and more

Flooding in Washington, D.C.
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1. ECB announces biggest rate hike since 1999

The European Central Bank on Thursday raised interest rates by 0.75 percent, its biggest hike since 1999, early in the history of Europe's currency union. The move is intended to help bring down record inflation. That effort, however, is being complicated by an energy crisis sparked by Russia's invasion of Ukraine that has already nearly pushed Europe into recession. Rising borrowing costs are likely to increase the chances of a recession. ECB President Christine Lagarde said inflation, which is forecast to average 8.1 percent this year, is threatening to spread beyond energy to many other goods. "We want all economic actors to understand that the ECB is serious" about fighting inflation, she said.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.