Decision Day for the E.C.B.

▤ Summary

The European Central Bank increased its benchmark interest rates today for the first time in a decade, as inflation surges across countries that use the euro. Consumer prices are soaring at their fastest rate in a generation, climbing 8.6 percent in June from a year earlier in the face of rising energy and food costs. The E.U.’s executive branch said member countries must cut consumption by 15 percent between now and next spring to stave off a major crisis, as Russia weaponizes its energy exports. Still, Tesla’s chief financial officer, Zach Kirkhorn, said at the time, “It is our intent to hold what we have long term.” The Bitcoin losses raise more questions about Musk, whose legal fight over his $44 billion deal to buy Twitter has only served to underline his eccentricities. “While Musk’s impressive innovation has served the company well, his personal flair is starting to raise governance questions,” said Laura Hoy, an equity analyst at the investment firm Hargreaves Lansdown.

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