ECB meets October 28-29 with its deposit rate at 2.50% after two increases this year

The European Central Bank holds its next monetary policy meeting on October 28-29, with its deposit facility rate at 2.50% after two quarter-point increases this year, according to ECB data.

The calendar

The ECB's calendar lists the Governing Council's monetary policy meeting in Frankfurt on October 28 and 29, with a press conference following on October 29. The next meeting after that is on December 16-17. The Federal Reserve's policy committee meets on October 27-28, according to the Fed's calendar.

The rates

According to the ECB's data portal, the deposit facility rate, the rate banks earn on overnight deposits at the central bank, is 2.50%. It was 2.75% from February 5, 2025, was cut to 2.50% on March 12, 2.25% on April 23 and 2.00% on June 11, 2025, and stayed at 2.00% for just over a year. It rose to 2.25% effective June 17, 2026, and to 2.50% effective September 16, 2026.

The main refinancing operations rate moved with it, to 2.40% on June 17 and 2.65% on September 16. The marginal lending facility rate is 2.90%.

The euro

The euro bought $1.1231 on October 16, according to the Federal Reserve's exchange-rate series on FRED. It closed at $1.1123 on October 14, its lowest level of 2026, and was $1.1980 on January 27, the year's high.

What to watch

The ECB will announce its decision on October 29 and hold a press conference the same day.