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last mo.

ECB Raises Deposit Rate to 2.5 Percent

The move follows an energy-driven oil shock linked to the Iran conflict and comes with higher inflation forecasts that have prompted markets to push up long-term yields.

Mit dem Rückkauf von Staatsanleihen zielt die US-Regierung von Präsident Donald Trump auf eine Beruhigung der Märkte ab - doch stattdessen sind die Zinssätze für die Schuldverschreibungen weiter in die Höhe geschossen.
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US-Finanzminister Scott Bessent.

Overview

  • The ECB’s Governing Council voted unanimously to lift the deposit rate by 25 basis points to 2.50 percent, a decision taken on Thursday and set to take effect on 16 September.
  • The bank raised its medium-term inflation forecasts to about 3.0 percent for 2026, 2.5 percent for 2027 and 2.1 percent for 2028 and said the recent energy price shock is the main risk to price stability.
  • Financial markets immediately repriced rates, sending ten-year German bund yields toward roughly 3.5 percent and futures markets to price the chance of further ECB hikes into late 2026 and 2027.
  • Transmission is uneven for the public: some digital brokers and banks such as Trade Republic will pass the higher rate to customer cash balances at 2.5 percent from 16 September while mortgages, corporate credit and long-term borrowing costs remain elevated.
  • Commentary is split between those who say the hike protects the ECB’s inflation credibility and those who note that higher policy rates cannot directly ease an energy supply shock and may weigh on growth, with the next policy meeting set for 29 October.