European central banks, Bank of England stick to higher rate regime

WASHINGTON: Major European central banks on Thursday stuck with plans to keep their policy interest rates higher for longer to fight inflation that is proving stickier in some parts of the world than others, dashing any hope that a US Federal Reserve pivot towards interest rate cuts marked a global turning point.

Extending the hawkish stance that has dominated global central banking for two years the Bank of England said in a statement that the rate would remain high for "an extended period",- while the European Central Bank said the euro zone's benchmark rates would remain "at sufficiently restrictive levels for as long as necessary."