ECB Set to Hold Rates at July 23 Meeting as Markets Price Under 5% Chance of a Move

The ECB is expected to leave its deposit rate at 2.25% when it concludes its July 23 Frankfurt meeting, with analyst consensus unanimous and markets pricing under a 5% chance of any change. The hold comes six weeks after all Governing Council members backed a 25-basis-point hike. A September increase to 2.50% remains the analyst base case.