刚刚，欧央行宣布“按兵不动”！货币政策没有预设路径

Core Points - The European Central Bank (ECB) has decided to maintain interest rates at 2%, marking the third consecutive meeting with no changes, despite market volatility due to trade relations [1][3] - The ECB has cut rates by 2 percentage points over the past year but has since adopted a wait-and-see approach, as inflation has reached the policy target of 2%, which other major central banks have not yet achieved [1][6] - Following the announcement, the euro fell by 0.23% against the dollar, trading at 1.1572 [1] Summary by Sections Monetary Policy - The ECB's deposit facility rate, main refinancing rate, and marginal lending rate remain unchanged at 2%, 2.15%, and 2.40% respectively [3] - The ECB aims to ensure medium-term inflation stability at the 2% target and has not committed to a specific interest rate path, indicating readiness to adjust all tools based on data and meeting reviews [6] Economic Outlook - The ECB maintains its assessment of inflation near the 2% target, with decisions based on inflation outlook and risks, while the eurozone economy continues to grow despite global trade tensions and geopolitical uncertainties [6][7] - The ECB is gradually reducing its asset purchase programs (APP and PEPP) as the euro system stops reinvesting the principal of maturing securities [6] Market Reactions - Analysts suggest that further rate cuts will require signs of data deterioration, with a high threshold for additional cuts despite some council members favoring a "risk management" approach [7] - The latest data shows the eurozone's inflation rate at 2.2% in September, above the 2% target, providing confidence for the ECB to pause rate cuts [7][8] - Most economists view eurozone inflation as moderate, with recent increases in German inflation still close to long-term averages, supporting the ECB's decision to hold rates steady [8]