The European Central Bank raised rates for the first time in more than a decade on Thursday, boosting its benchmark interest rate by a half-percentage point.
At the same time, the central bank rolled out a new flexible bond-buying program it’s dubbing the Transmission Protection Instrument, or TPI.
The latter is an effort to smooth out the volatility triggered by the central bank’s shifting rate policy. And this rollout caused a bit of confusion in markets, with the euro spiking as high as…
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