Lagarde rules out any interest rate cut for at least the next six months

Mortgage holders face record high interest rates well into next year after the European Central Bank president Christine Lagarde said they would not begin cutting them for at least “the next couple of quarters”.

Lagarde said that keeping the deposit rate at 4% should be enough to tame inflation, but officials will consider raising borrowing costs again if they need to.

Weeks after policymakers refrained from a further increase for the first time since their ...