After becoming engulfed in the turmoil set off by Silicon Valley Bank’s collapse, Credit Suisse’s stock embarked on its initial plunge just as the ECB’s Governing Council convened for its two-day gathering, raising concern about the health of the wider banking sector.
The European Central Bank went ahead with a planned half-point increase in interest rates but was silent on what may follow amid market turmoil that roiled Credit Suisse Group AG.
The deposit rate was lifted to 3% on Thursday — as officials have been flagging since their last meeting six weeks ago and as the majority of economists anticipated, but dropped language from its statement indicating the future path for rates.
