European Central Bank calls unscheduled meeting to discuss bond market 'panic'
CNN
The European Central Bank is holding an unscheduled meeting Wednesday to discuss a sharp bond market sell-off that has revived memories of the region's debt crisis more than a decade ago.
The bank would hold the "ad-hoc" meeting to discuss "current market conditions," according to a spokesperson for the central bank. The meeting was reportedly due to begin at 5 a.m. ET.
The ECB left interest rates unchanged at its regular meeting last week but confirmed plans to raise the cost of borrowing by 25 basis points next month — its first rate hike in 11 years — and said a bigger hike could follow in September "if the medium-term inflation outlook persists or deteriorates." It also said it would stop buying European government bonds.
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