Monetary policy decisions
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The ECB Governing Council keeps the three key interest rates unchanged, with the deposit facility rate at 2.50%. It warns that the greater magnitude and duration of the energy shock are likely to drive up inflation and lower growth, and does not pre-commit to any rate path.
Key points
- Deposit facility 2.50%, main refinancing operations 2.65% and marginal lending facility 2.90%
- Financing conditions have tightened since the previous meeting
- The APP and PEPP portfolios keep declining with no reinvestments
Who is affected
Euro area banks, markets, households and firms
Plain-language version
The ECB, the euro area's central bank, kept interest rates on hold, with the deposit rate at 2.50%. These rates end up shaping what you pay on a mortgage or loan and what you earn on savings. It warns the energy shock will probably push prices up and slow the economy, and it is not committing to any path for rates at upcoming meetings.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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