ECB January Meeting Inflation and Policy Review

The ECB kept interest rates unchanged at its January meeting, with President Lagarde characterizing inflation as being 'in a good place' while maintaining a data-dependent stance. Natixis expects no further policy changes for the remainder of 2026.

Key Takeaways

• 1.The ECB Governing Council kept all three key interest rates unchanged (Deposit facility: 2.00%, MRO: 2.15%, MLF: 2.40%) in a unanimous decision.
• 2.The ECB views the Eurozone economy as resilient, supported by low unemployment and public spending, despite global trade policy uncertainties.
• 3.President Lagarde indicated headline inflation is 'in a good place', though the bank maintains a data-dependent approach without pre-commitment to a rate path.

Table of Contents

• EMEA MACRO SNAPSHOT
• ECB January Meeting: No Change as Inflation is "in a Good Place"
• Natixis CIB Research
• Disclaimer

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