- Prior decision
- Deposit facility rate: 3.25% (expected 3.25%)
- Previous: 3.50%
- Main refinancing rate: 3.40% (expected 3.40%)
- Previous: 3.65%
- Marginal lending facility: 3.65%
- Previous: 3.90%
- Disinflation is progressing as expected
- Recent economic activity indicators show some downturns
- Inflation likely to rise soon, then decrease next year
- Data-dependent approach will guide future decisions
- No fixed rate plan ahead
- Full statement
The ECB’s rate cut was straightforward with no major policy changes mentioned except the acknowledgment of recent economic data surprises. Traders expect another rate cut in December, potentially totaling a 25 basis point cut at each meeting until next June.
EUR/USD remains stable around 1.0865 post-announcement, now awaiting Lagarde’s comments.