European Central Bank holds interest rates steady at 4%

Following its policy meeting today (14 October), the central bank's governing council decided the benchmark deposit rate would stay on hold at 4%.  Markets are now speculating as to when the central bank will begin cutting after its first pause on 26 October. However, policymakers have pushed back against this narrative, noting that the central bank is "determined to ensure that inflation returns to its 2% medium-term target in a timely manner".  Deep Dive: Did central banks get it right in 2023? "Based on its current assessment, the governing council considers that the key ECB int...