European Central Bank leader doubles down on rate increases
Slatestone Wealth Chief Market Strategist Kenny Polcari discusses the release of the October job report and how it confirms the Federal Reserve's plan to address inflation on 'Varney & Co.'to fight rampant inflation
She said central bankers must be "prepared to take the necessary decisions, however difficult, to bring inflation back down — because the consequences of letting too-high inflation become entrenched would be much worse for everyone." The European Central Bank has raised rates by a total of 2 full percentage points since July, the fastest pace since the euro was launched in 1999. The bank's stance has mirrored that of the U.S. Federal Reserve, which raised rates by an outsizedfor the fourth straight meeting Wednesday, and of the Bank of England, which raised rates the same amount Thursday.
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