The daily business briefing: June 16, 2023

The European Central Bank raises interest rate to highest level since 2001, Disney CFO Christine McCarthy steps down, and more

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1. ECB raises interest rate to highest level in more than 20 years

The European Central Bank on Thursday hiked its benchmark interest rate to the highest level since 2001, warning that the fight to bring down high inflation isn't over. "Are we done? Have we finished the journey? No, we are not at destination," Christine Lagarde, the president of the bank, told reporters in Frankfurt. The ECB raised its deposit rate a quarter percentage point to 3.5% after concluding that inflation was on track to remain too high for too long. The move marked the ECB's eighth straight increase, and came after the U.S. Federal Reserve paused its aggressive campaign to raise borrowing costs but signaled two more increases were coming later this year.

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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.