• ECB leaves key interest rates unchanged in October monetary policy meeting
• Prior refinancing rates were 4.50%
• Deposit facility rate 4.00% vs 4.00% expected
• Prior deposit facility rate was 4.00%
• Marginal lending facility 4.75%
• Prior marginal lending facility 4.75%
• Incoming information has broadly confirmed previous assessment of medium-term inflation outlook
• Inflation is still expected to stay too high for too long
• Past interest rate increases continue to be transmitted forcefully into financing conditions
• This is increasingly dampening demand and thereby helps push down inflation
• Key interest rates re at levels that, maintained for a sufficiently long duration, will make a substantial contribution to ensure that inflation returns to its 2% medium-term target in a timely manner
• Future decisions will ensure that policy rates will be set at sufficiently restrictive levels for as long as necessary
• To continue data-dependent approach to determining the appropriate level and duration of restriction
• Full statement