The European Central Bank is set to leave interest rates unchanged as it weighs stress in France’s government bond market and inflation pressure from higher energy prices. Bloomberg reported on October 29 that the ECB is expected to keep its deposit rate at 2.5% at its monetary policy meeting later in the day. Most economists in a Bloomberg survey projected no change, while also anticipating one additional rate increase in December. Inflation in the euro area has climbed to nearly double the ECB’s 2% target. Still, price pressures are concentrated mainly in energy, giving policymakers room to tread cautiously on further tightening. Disruptions to oil and natural gas supplies linked to the war in Iran are a key variable for the inflation outlook.
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