The European Central Bank slowed the pace of its interest rate increases Thursday, stepping back like the U.S. Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation. But the ECB also said it was “not pausing” even as its efforts have worked by making mortgages and business loans harder to get.

The quarter-point hike came a day after the Fed approved the same increase but hinted it may be the last for now. The central bank for the 20 countries that use the euro currency started later and said it has further to go even as economic growth slows to a crawl and U.S. bank instability stirs new fears of financial turmoil.


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