ECB leaves rates unchanged, with the main rate at 2.65% and deposit rate at 2.5%

The European Central Bank kept its main interest rate at 2.65% on October 29, 2026, matching the 2.65% estimate and the previous reading. The deposit facility rate also stayed at 2.5%, against an estimate of 2.5%.

What happened

The decision was published at 13:15 UTC. The main rate stood at 2.65%, the same level as at the previous decision. The deposit facility rate was 2.5%, also unchanged from the previous reading.

Both figures matched the estimates listed for the release: 2.65% for the main rate and 2.5% for the deposit facility rate. The decision therefore carried no change in the policy stance as measured by these two rates.

The ECB press conference was scheduled for 13:45 UTC. At the time of writing it had not yet begun, so no statement from the central bank's leadership on the decision is available.

Why it matters

The deposit facility rate is the rate banks receive for placing spare funds with the central bank. The main interest rate is the one applied to the regular refinancing operations that provide liquidity to banks. Together they set the basic cost of money in the euro area.

A decision to hold both rates unchanged shows a central bank pausing after its earlier moves. The previous values for both rates were identical to the new ones, so the October meeting added no new step to the path of policy. The wording of the policy statement and the press conference are where any change in guidance would appear.

For households and companies, unchanged rates mean that the policy reference points for lending and deposit conditions stay where they were. Banks and borrowers will look for any signal on how long the current levels will last.

Market impact

The rate decision matched the 2.65% estimate for the main rate. No claim is made here about moves in the euro, euro-area bond yields or equity indexes.

The details of the ECB's assessment of growth and inflation will shape how investors read the next steps, but those details were not yet available.

Data from the United States arrived in the same window. The Bureau of Economic Analysis reported that real US GDP increased at an annual rate of 3.4% in the third quarter of 2026, after a 2.2% increase in the second quarter. The same agency said personal income rose $54.5 billion, or 0.2% at a monthly rate, in September.

What to watch next

The next event is the ECB press conference at 13:45 UTC. It will give the central bank's explanation of the decision and its view of the economic outlook in the euro area.

After that, attention will move to how the ECB describes the balance between growth and price pressures, and to whether it changes its language on future decisions. Any such guidance would come from the central bank itself and should be read in its own words.

The strong US growth reading and the modest rise in US personal income form part of the global backdrop in which the ECB operates.