European Central Bank holds emergency meeting to discuss market conditions

Logo of The European Central Bank

The European Central Bank announced an unscheduled monetary policy meeting for today, June 15, at a time when bond yields are surging for many governments across the euro zone.

“They will have an ad hoc meeting to discuss current market conditions,” CNBC reported, citing a spokesperson for the central bank.

This comes at a time when the yield on the 10-year Italian government bond passed the 4% mark earlier this week, for the first time since 2014.

The European Central Bank announced last week that it intends to raise interest rates by a quarter of a percentage point in July to counter rising inflation, which would be its first rate increase in more than a decade.

US Federal Reserve's decision on interest rates is expected later today, amid market estimates of an increase by 75 basis points to control inflation, which continues to rise and reached its highest level in four decades.