The European Central Bank (ECB) announced on July 23, 2026 that it would keep its key interest rates unchanged. The decision comes amid uncertainty created by the conflict in the Middle East, with the bank stating it is “well positioned to cope with the uncertainty”.

The official ECB statement emphasized that the European economy has weathered the difficulties so far. However, the bank gave no signal of imminent changes in monetary policy.

Key Data Points

The ECB's SAFE survey showed firms reporting tighter bank lending conditions. At the same time, expectations for selling prices, costs, and wages became more moderate.

Inflation expectations remained stable according to the survey. Consumer inflation expectations for the next 12 months were also published around the same period with no significant change.

Implications for Bonds and FX

Keeping rates unchanged may support relative stability in European bond yields in the short term. Geopolitical uncertainty continues to influence volatility in FX markets.

Quiet Period on Fed and Bank of Israel

In contrast to the ECB, no significant recent posts were recorded from the official accounts of the Federal Reserve or the Bank of Israel between July 20–29, 2026 on topics of rates, inflation, or bond yields.

Leading analysts in the macro profile also did not publish notable new updates on rate expectations or FX movements in recent days.

Bottom Line

Discussions around the Fed and Bank of Israel have been relatively quiet on X in the recent period. The market awaits further data and central bank updates before significant shifts in expectations.

(This article is based solely on available official posts dated July 23, 2026; no invented data or quotes.)