ECB Raises Key Interest Rates by 0.25%

The European Central Bank raised its three key interest rates by 25 basis points on September 10. This decision responds to inflationary pressures due to the conflict in the Middle East and rising energy prices. The deposit facility rate reaches 2.50%, up from 2.25% since June. Starting September 16, the main refinancing operations rate will rise to 2.65%, and the marginal lending facility rate will reach 2.90%. The ECB forecasts an average inflation rate of 3% in 2026, 2.5% in 2027, and 2.1% in 2028. Excluding energy and food products, these figures would be 2.5%, 2.6%, and 2.3%, respectively. GDP growth is estimated at 0.9% this year, 1.4% in 2027, and 1.5% in 2028. Christine Lagarde did not provide any indication on the next decision, as the Governing Council decides on a meeting-by-meeting basis. The APP and PEPP programs will continue their contraction. This rate hike makes credit more expensive in the eurozone and maintains pressure on risky assets.

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