ECB Vows "For as Long as Necessary" Interest Rate Increases to Curb High Inflation

European Central Bank President Christine Lagarde says core inflation shows "signs of moderation" but remains too high, signaling further rate hikes.
Multiple interest rate increases will likely be needed beyond this summer to bring inflation down to the ECB's 2% target, according to ECB policymaker Joachim Nagel.
Lagarde acknowledges higher rates are raising borrowing costs and slowing bank lending but says tighter policy is needed with inflation still "strong".
Inflation in the euro zone eased slightly to 6.1% in May from 7.0% in April but remains well above the ECB's target.
The ECB is expected to raise key interest rate benchmarks again at meetings this month and in July.