The European Central Bank is expected to pause interest rate cuts and observe the impact of Trump's tariffs.

Jin10 data reported on July 24 that the European Central Bank is expected to keep interest rates unchanged in tonight's rate decision, marking the first time in over a year that no action will be taken, as decision-makers need to assess the impact of Trump's tariff policy on inflation. According to a survey, all respondents except for two economists predict that the deposit rate will remain unchanged at 2% on Thursday. Most economists still expect a 25 basis point rate cut in September, when a trade agreement between the US and Europe is expected to be reached, and the Eurozone will also release its latest economic forecasts. Although ECB officials generally agree to pause the monetary easing cycle that has lasted for a year this month, there is still divergence regarding the subsequent policy path. Some officials are concerned that inflation may fall below the 2% target again (which was just recently achieved), advocating for further easing; while others warn that increased fiscal spending may push prices higher in the future.