Markets expect rate cuts in 2024 as recession risks rise
by AIB Treasury's Economic Research Unit
The October meeting of the ECB’s Governing Council saw the Central Bank maintain its key deposit rate at 4%, which was very much in line with expectations. It represented the first policy meeting that the ECB has not hiked rates since it began tightening policy in July 2022. In total, it has increased rates by 450bps in this cycle. The ECB’s decision to keep rates unchanged at 4% was unanimous.