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European Central Bank (ECB) President Christine Lagarde speaks to reporters following the Governing Council's meeting, in Frankfurt, Germany June 11, 2026.
REUTERS/Heiko Becker

The ECB raised interest rates for the first time since 2023, becoming the first G7 central bank to act against inflation driven by the war in Iran. With the Bank of Japan poised to follow suit, pressure mounts on the US Federal Reserve to respond.