The ECB Governing Council decided to keep its three key interest rates unchanged. Energy prices kept rising, raising upside risks to inflation and downside risks to growth, and financing conditions have tightened since the last meeting. Inflation rose to 3.8% in September from 3.2% in August, with energy inflation at 18.9% (from 14.3%) and inflation excluding energy at 2.3% (from 2.1%). The unemployment rate was 6.4% in August, and the wage tracker projects negotiated wage growth of 2.5% to 2.8% for the rest of 2026 and an average of 2.6% in the first three quarters of 2027. The ECB said it will set policy based on data at each meeting and is not pre-committing to a rate path.
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Related tickers and likely impact
EUR/USD
• NeutralRelevance: medium
| Market | Currencies |
|---|---|
| Close on 10/28/2026 | 1.11540 |
| Change that session | +0.24% |
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