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What will be the ECB's deposit rate at the end of 2024?
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Resolution / Starting Odds
3.5% • 25%
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European Central Bank official announcements
Story
ECB Cuts Deposit Rate to 3.5% for Second Time This Year Amid Cooling Inflation
Sep 12, 2024, 12:31 PM
The European Central Bank (ECB) has cut its deposit facility rate by 25 basis points to 3.5%, marking the second reduction this year. The ECB also reduced the main refinancing rate to 3.65% and the marginal lending facility rate to 3.90%. This decision aligns with expectations and reflects the ECB's ongoing efforts to address cooling inflation and subdued economic growth. The ECB also revised its growth forecasts downward for every year through 2026, projecting the economy to grow by 0.8% in 2024, 1.3% in 2025, and 1.5% in 2026. Inflation is expected to average 2.5% in 2024, 2.2% in 2025, and 1.9% in 2026. Core inflation is projected to be 2.3% in 2025. ECB President Christine Lagarde emphasized that the bank will continue to follow a data-dependent and meeting-by-meeting approach, keeping policy rates sufficiently restrictive as long as necessary to achieve its inflation target. Despite the rate cuts, the ECB is not pre-committing to a particular rate path.
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