Aurora Macro Strategies

ECB Update: Lagarde’s Last Hold

October 29, 2026

EUCross-Asset

The ECB held rates steady even as inflation remains well above target, while Christine Lagarde announced she will leave the bank early. Aurora assesses why a December hike is still likely, how the succession process could affect ECB independence, and why the decision is more hawkish than the headline suggests.

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ECB Update: Lagarde’s Last Hold