European Central Bank Hikes Rates To 22-year High

The European Central Bank (ECB) has hiked interest rates by 25 basis points to 3.5%, the highest level in 22 years on Thursday. ECB did not rule out further hikes down the road as it struggles to combat inflation that remains stubbornly high despite a faltering eurozone economy. "Are we done? Have we finished the journey? No. We're not at our destination. Do we still have ground to cover? Yes, we still have ground to cover," ECB President Christine Lagarde said at a press conference following the decision. According to Lagarde, wage increases and…