Goldman Sachs and BNP Paribas now expect no further ECB rate cuts in 2025 after the central bank held its deposit rate at 2%.
Both banks say the easing cycle is over—BNP even forecasts the next move will be a hike in Q4 2026—citing a resilient Euro-area economy and the likelihood of a U.S.–EU tariff deal.
Other lenders, including HSBC and J.P. Morgan, have likewise pushed their first anticipated cut into late 2025 or beyond.
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