The decision had been anticipated by the market. Lagarde at a press conference: “Inflation, particularly on food prices, is lower than we expected. But it will be more persistent than we thought: we expect an average of 3 per cent in 2026 and 2.5 per cent in 2027. Gas prices? They could be higher than market expectations.”

The European Central Bank is all but certain to raise interest rates on Thursday, with investors pricing the move at near-total probability, but the decision is more awkward than…

The anticipation surrounding today’s decision and the structural rationale behind a turning point