Lagarde Moved First — The 11 June ECB Decision
- Jun 12
- 1 min read
The ECB raised all three key rates by 25bp on 11 June 2026, taking the deposit rate to 2.25% — its first hike since 2023 and the first move by a major central bank to tighten in response to the Middle East energy shock. Staff lifted the inflation path (3.0% headline for 2026) and cut growth to 0.8%, explicitly choosing the inflation side of a stagflation trade-off. BlackPoint expects a second 25bp hike on 23 July, taking the deposit rate to a 2.50% terminal.