Rates held as prolonged energy shock lifts inflation risks and clouds growth
• Deposit rate 2.50%; main refinancing 2.65%; marginal lending 2.90%
• Energy shock’s greater scale and duration risk higher inflation and weaker growth
• Underlying inflation broadly stable; wages show no material response so far
• Financing conditions have tightened; decisions remain data-dependent, meeting by meeting
• APP and PEPP portfolios continue to shrink as maturing securities are not reinvested