The ECB’s Governing Council meeting for September saw the central bank leave interest rates on hold for a second consecutive occasion. The deposit and refi rates were maintained at 2.00% and 2.15%, respectively. The ‘unchanged rates’ outcome was widely expected by markets. The September meeting statement from the ECB was very short, and offered little in the way of new guidance. Furthermore, the updated batch of forecasts paint a broadly similar outlook to those published in June.