The European Central Bank is widely expected to raise its deposit rate by 25 basis points to 2.50% today, with the move already fully priced in by the markets. With the rate decision itself unlikely to provide much of a surprise, the focus will be mainly on President Lagarde’s press conference. The meeting comes against a complicated backdrop for the Governing Council. Eurozone headline inflation accelerated to 3.3% y/y in August, while energy prices have risen sharply amid the ongoing geopolitical tensions and disruptions in the Strait of Hormuz. European gas prices reached the highest levels since 2022 recently and the Iran war doesn't look like it's going to end anytime soon .
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