European Markets Close Higher As Oil, Bond Yields Drop After Fed Rate Hike

(RTTNews) - European stocks closed higher on Thursday as falling oil prices and lower bond yields following a 25-basis point interest rate hike by the Federal Reserve and the increased trust in the U.S. central bank's resolve to bring inflation under control lifted sentiment. On Wednesday, the Federal Reserve raised its interest rate by 25 basis points and signaled another increase later this year. The hawkish stance of the Fed resulted in a drop in oil prices and a pause in bond sell-off. The Bank of England has left its interest rate unchanged at 3.75%, in line with expectations, for the sixth time in a row. Three out of nine Monetary Policy Committee members backed a 25 basis points hike to push policy rates to 4%.