ECB Weighs Interest Rate Hike Amid Inflation Concerns

The European Central Bank (ECB) is set to raise its key interest rate in an effort to combat inflation without stifling economic growth.

A two-day meeting starting on Wednesday will decide whether to increase borrowing costs, which could put a damper on spending for both businesses and households.

Savers may benefit from higher returns on their funds, particularly if they hold bonds, but the move is expected to have a negative impact on economic growth.