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Central banks

ECB’s Steady 2% Rate Prompts Banks to Scrap September Cut Forecasts

The Quiet Bank Run in Gold
The Quiet Bank Run in Gold

Goldman Sachs and BNP Paribas now expect no further ECB rate cuts in 2025 after the central bank held its deposit rate at 2%.

Both banks say the easing cycle is over—BNP even forecasts the next move will be a hike in Q4 2026—citing a resilient Euro-area economy and the likelihood of a U.S.–EU tariff deal.

Other lenders, including HSBC and J.P. Morgan, have likewise pushed their first anticipated cut into late 2025 or beyond.

Eight more from the desk

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