ECB Worsens Economic Outlook Amid Iran War Impact, Raises Rates

The European Central Bank (ECB) has worsened its economic outlook, anticipating impoverished households and oil prices reaching $97 by year-end, citing a greater impact from the 'war in Iran'. The bank raised interest rates for the first time in three years to curb rising inflation, now projected at 3% by year-end, potentially reaching 4% in a severe scenario.