The European Central Bank (ECB) announced on July 23, 2026, its decision to keep key interest rates at current levels. The official statement noted that “we are well positioned to cope with the uncertainty created by the conflict in the Middle East.”

In the press conference following the decision, ECB President Christine Lagarde explained the rationale. The ECB also shared the full transcript and Q&A from yesterday’s monetary policy press conference.

At the same time, the ECB released the results of its Consumer Expectations Survey for the euro area. The survey examines expectations for inflation, incomes, spending, and home values over the next 12 months.

Activity from the official Federal Reserve account (@federalreserve) focused on an interactive guide to the weekly balance-sheet report, a monetary-policy-related data release but not direct rate expectations.

Macro analyst Ernie Tedeschi (@ernietedeschi) posted a thread on U.S. labor productivity acceleration, referencing San Francisco Fed estimates on TFP-driven vs. capital utilization factors and implications for the macro outlook.

No significant new activity was recorded from the Bank of Israel account or additional official Fed accounts regarding interest rates, inflation, bond yields, or FX in the last 24 hours.

X conversation around central bank monetary policy centered primarily on the ECB’s rate-hold decision and the released expectations survey.

Why it matters

The decision to hold rates reflects the central bank’s risk-management approach in a complex geopolitical environment. The consumer expectations survey provides valuable data on public perception of economic conditions.

What the experts say

Official ECB posts emphasize the ability to handle uncertainty. Analysts such as Ernie Tedeschi provide additional context on productivity and its implications for the macro outlook.

The bottom line

The main activity in the last 24 hours came from the ECB, with a rate-hold decision and consumer expectations survey release. The Fed and Bank of Israel did not publish significant new updates on these topics in the examined period.