ECB holds rates steady as Lagarde signals data-dependent path forward

The ECB held interest rates steady at 2.25% in July 2026, following the first hike since 2023. This decision occurs amid 3.2% eurozone inflation and a renewed surge in oil prices. President Lagarde signaled a data-dependent path forward for future policy. The central bank's pause is being analyzed for its implications regarding risk assets and crypto markets, as inflation pressures continue to mount across the region despite the current hold on rates.