Account of the monetary policy meeting of the Governing Council of the European Central Bank

From ecb.europa.eu

Ms Schnabel started her presentation by noting that, since the Governing Council’s previous monetary policy meeting on 17-18 December 2025, geopolitical uncertainty had spiked and trade policy uncertainty had rebounded briefly to summer 2025 levels. Stock market volatility had, however, edged up only slightly, far less than during previous stress episodes, while bond market volatility had hardly reacted to the risk shocks and had continued its downward trajectory. Investor risk appetite had also remained largely unaffected by the recent turbulence, and risk appetite indices for the euro area and the United States ... (full story)