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Latest Economy, Inflation and Business News: Live Updates

The Frankfurt headquarters of the European Central Bank, which will also update its economic forecasts on Thursday.Credit…Michael Probst/Associated Press

The European Central Bank will enter a new era on Thursday, as policymakers are set to confirm just how soon its bond-buying program will end and reaffirm plans to raise interest rates over the summer for the first time in more than a decade.

Across the eurozone, inflation has outpaced economists’ expectations: The annual rate of price increases climbed to 8.1 percent in May, the highest since the creation of the euro currency in 1999. Policymakers have been spurred into faster action against inflationary forces that are being stoked by the war in Ukraine.

The central bank will also provide updated forecasts for the economy on Thursday, which are likely to paint a grim picture of rising inflation and a deteriorating growth outlook. Last month, the European Commission lowered its…

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