(ECB) Monetary policy decisions

The ECB left its three key rates unchanged on 30 April 2026 (deposit 2.00%, main refinancing 2.15%, marginal lending 2.40%) and reiterated a data‑dependent, meeting‑by‑meeting approach. Officials highlighted intensified upside inflation risks from a Middle East‑driven energy shock and downside growth risks, while keeping longer‑term inflation expectations anchored. APP and PEPP portfolios continue to decline as maturing principal is not being reinvested. The Governing Council signalled readiness to adjust all instruments — including the Transmission Protection Instrument (TPI) — to preserve policy transmission. Markets should expect elevated euro volatility around the ECB press conference and ongoing sensitivity in FX, rates and energy markets to incoming data and the evolution of energy prices.