Christine Lagarde will step down early as president of the European Central Bank (ECB), the central bank said today (Thursday). Her seven years in the job took in a pandemic, record euro area inflation and 10 straight rate hikes. Her last day will be February 7, 2027, almost nine months before her eight-year term ends. The Governing Council thanked her with a long standing ovation, according to the ECB, and the European Council will now appoint her successor. The exit lands mid-cycle for euro traders. The deposit rate stands at 2.50% after quarter-point increases in June and September, and futures pricing points to another rise in December. Lagarde became the first woman to lead the ECB on November 1, 2019.
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