Europe’s central bank raises rates to fight inflation from Iran war, the Fed to decide next week

The European Central Bank on Thursday became the first major central bank to raise interest rates in response to the Iran war. Policymakers around the world including new U.S. Federal Reserve Chair Kevin Warsh are wrestling with how to confront the inflation fed by sharply higher oil prices. The ECB’s rate-setting council raised its benchmark rate to 2.25% from 2%, where it had been for a year. The move comes ahead of rate-setting meetings next week at the Fed, the Bank of Japan, and the Bank of...