Big decision from Europe's central bank 🇪🇺
The European Central Bank has kept interest rates unchanged today, 29 October 2026. The deposit rate stays at 2.50%, the main refinancing rate at 2.65%, and the marginal lending rate at 2.90%.
The ECB said energy prices have continued to rise, posing upside risks to inflation, while financing conditions have tightened since its last meeting. At the same time, underlying inflation has remained broadly stable so far, and wages do not show a material response at this stage. The bank said it will stay data-dependent and meeting-by-meeting, and it is not pre-committing to a particular rate path.
This comes just one day after the Fed also held rates steady at 3.75% to 4.00%, and on the same day ECB President Christine Lagarde announced she will step down on 7 February 2027. Her press conference follows the decision, so watch what she says about December — investors still think the next move could be a hike in December.
What could this mean for crypto and gold?
- This hold was widely expected, so it is not a shock on its own. The real market mover is usually the tone afterwards: a hawkish message keeps pressure on risk assets, while a softer message can give them some relief.
- Higher-for-longer rates usually mean a stronger euro and dollar backdrop and higher bond yields, which can weigh on Bitcoin and gold in the short term. Bitcoin is holding near $80,000 right now, so this is a level to watch, not a reason to panic.
- With energy prices still rising and French bond yields under pressure, volatility can stay high around central bank days. This is a macro story to watch, not a buy or sell call. Stay careful with leverage around big decision days like this.
Analysis Only — Not Financial Advice (NFA). Trading involves risk.
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