← 3 Months EURIBOR Rate overview

3 Months EURIBOR Rate vs ECB rates: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

3 Months EURIBOR Rate (EURIBOR3M.MM)

ECB rates (ECBRATES.MM)

Q3 2026
▲2▼2

ECB hikes again but peak risk rises

  • ECB rate hikes The ECB raised rates in June and September 2026 to 2.50%, as war-related energy inflation and a resilient economy pushed officials toward mildly restrictive policy.

    Directly explains the upward move in ECB rates.

  • Market pricing of more hikes Markets priced two to three more hikes by March, supporting higher ECB rates as officials Nagel and Kazaks backed moving toward mildly restrictive levels.

    Shows market expectations driving rates higher.

  • Falling inflation expectations Consumer inflation expectations fell for a third straight month to 2.9%, potentially reducing the need for further hikes and weighing on ECB rates.

    A counterweight that could limit rate increases.

  • Dovish ECB signals Chief economist Lane saw no wage spiral and warned of demand destruction, while Lagarde resisted back-to-back hikes, suggesting the 'ever-higher rates' narrative may be breaking.

    Signals a potential earlier peak, capping rate rises.

September 2026
▲2▼2

ECB hikes to 2.50% on war inflation, but peak doubts grow

  • ECB delivers September hike to 2.50% The ECB raised its deposit rate to 2.50% and signaled more hikes ahead, as war-driven energy inflation (Brent above $100, gas above €83/MWh) and resilient growth kept upward pressure on rates.

    This is the central new event of the period and directly lifts the ECBRATES.MM level.

  • Officials back moves toward mildly restrictive rates ECB officials Nagel and Kazaks supported pushing rates into mildly restrictive territory, and markets priced two to three more hikes by March, reinforcing expectations of a higher policy rate.

    Shows official support and market pricing that extend the upward rate path.

  • Lane and Lagarde push back on aggressive tightening Chief economist Lane saw no wage spiral and warned energy-driven demand destruction could limit tightening, while Lagarde resisted back-to-back hikes and struck a dovish tone, weakening the euro and capping rate expectations.

    This is the main counterweight that could slow or stop further rate increases.

  • Growth concerns and fading 'ever-higher rates' narrative Makhlouf and ING cautioned that aggressive hikes could harm growth and that the 'ever-higher rates' narrative may be breaking, raising the risk of a slower or earlier peak in rates.

    Highlights emerging doubts about how much further rates can rise, a new risk to the upward trend.

Latest
▲2▼2

ECB minutes confirm more hikes ahead, but Lane warns energy shock may limit them

  • ECB minutes show unanimous upside inflation risks, December and March hikes expected The ECB's September meeting minutes, released October 8, showed all members agreed inflation risks are tilted to the upside due to huge energy price swings. Markets now expect two to three more rate hikes, with Nordea pointing to December and March. This directly lifts the ECB rate level that ECBRATES.MM tracks.

    This is the key new event that confirms the ECB's tightening path, directly pushing ECBRATES.MM higher.

  • ECB's Lane warns energy-driven demand destruction could limit tightening ECB chief economist Lane said the energy price surge could hurt growth, and if demand destruction occurs, the ECB may need to tighten less. This is a real counterweight: it suggests fewer or smaller rate hikes ahead, which would cap or pull down ECBRATES.MM.

    It provides the main opposing force that could slow the hiking cycle, giving a fair picture of risks.

  • Bundesbank's Nagel says no wage spiral yet but upside risks dominate Bundesbank chief Nagel said high energy prices have not yet fed into wages, but inflation risks remain tilted upward and gas storage is low, meaning Europe may need to buy more this winter. Markets expect two to three more hikes, supporting higher ECB rates and a higher ECBRATES.MM.

    It reinforces the upward pressure on rates from energy risks, even as it notes no second-round effects yet.

  • Lagarde's dovish tone weakens euro, signals lower rate expectations On September 30, ECB President Lagarde struck a dovish tone, pushing the euro below 1.1350. A dovish stance suggests the ECB may not hike as aggressively, which would lower rate expectations and pull down ECBRATES.MM.

    It shows a shift toward a less aggressive ECB, a negative force for ECBRATES.MM.

▲3▼1

ECB signals gradual hikes as energy inflation persists, but pushback grows

  • Lagarde: gradual hikes still appropriate, no wage spiral yet Lagarde said gradual rate rises remain right because energy-driven inflation hasn't spread to wages. This keeps the ECB on a hiking path, supporting higher rates and a higher ECBRATES.MM, though it pushes back on faster, back-to-back increases.

    It sets the ECB's policy direction, the main force behind ECBRATES.MM.

  • Energy prices keep inflation risks high, officials say Lagarde and Slovak chief Kazimir said high energy prices are the key inflation risk and this month's hike was unavoidable. That keeps pressure on the ECB to raise rates further, supporting a higher ECBRATES.MM.

    It explains the inflation force that keeps the ECB hiking.

  • Bank of Spain: rates not yet high enough, yields rising Escriva said rates haven't reached levels that restrain growth and he's worried about rising long-term yields. That suggests more tightening ahead, pushing ECBRATES.MM up.

    A Governing Council member signaling rates still need to rise.

  • Lagarde and ING push back on more hikes Lagarde resisted back-to-back hikes and ING said the French debt sell-off has broken the 'ever-higher rates' story. If markets price fewer hikes, that caps or pulls down ECBRATES.MM.

    It is the real counterweight that could stop the rise in ECBRATES.MM.

▲2▼1

ECB signals more hikes as energy inflation persists, but wage caution emerges

  • ECB officials push for restrictive rates Bundesbank's Nagel said the ECB may need to raise rates to a level that restricts growth if high energy prices persist, and markets now price up to three more hikes. This keeps upward pressure on ECBRATES.MM.

    Directly signals higher future policy rates, the main driver of ECBRATES.MM.

  • Eurozone economy accelerates, giving ECB room to hike The September composite PMI jumped to 53.1, the highest in over three years, with new orders rising fastest in four years. Stronger growth supports further rate increases, pushing ECBRATES.MM higher.

    A resilient economy makes it easier for the ECB to keep raising rates.

  • ECB's Lane sees no wage pressure, fewer hikes priced Chief economist Lane said wages are not surging and only two more hikes are priced in, with the peak rate just above 3% before declining. This dovish view could cap or pull down ECBRATES.MM.

    It is the main counterweight, suggesting the hiking cycle may be shorter than markets fear.

▲2▼1

ECB hikes to 2.50% and officials signal more as energy inflation persists

  • Officials and banks expect more hikes, possibly to restrictive levels After the September 10 hike, ECB officials (Nagel, Kazaks, Holzmann) and banks (Barclays, Goldman, Nordea) said more increases are likely, with December or October moves possible and rates possibly entering mildly restrictive territory. This keeps upward pressure on ECBRATES.MM.

    Forward guidance on further hikes is the main new force pushing the expected rate path higher.

  • Energy prices surge above ECB assumptions, lifting inflation Natural gas topped €83 per megawatt-hour and Brent crude held above $100 as the Iran conflict cut exports, above the ECB's own adverse scenario. This keeps inflation high, forcing the ECB to hike more, which supports a higher ECBRATES.MM.

    Energy is the root cause of the inflation the ECB is fighting, so it directly drives the rate path.

  • Some ECB officials warn further hikes could harm growth Irish central bank chief Makhlouf said pushing rates significantly higher could carry real costs for growth, and Lagarde stressed decisions will be data-driven meeting by meeting. This caution could slow or stop the hiking cycle, capping ECBRATES.MM.

    It is the main counterweight that could limit how high ECBRATES.MM goes.

▲4

ECB hikes to 2.50% and signals more as war-driven energy inflation persists

  • ECB delivers September hike to 2.50% The ECB raised its deposit rate by 0.25 percentage points to 2.50%, the second hike this year, with the refinancing rate at 2.65% and lending rate at 2.90%. This directly lifts the ECB rate level that ECBRATES.MM tracks.

    The actual rate increase is the core event that moves ECBRATES.MM.

  • ECB signals more hikes ahead as inflation stays high The ECB now sees inflation at 3% in 2026, 2.5% in 2027 and 2.1% in 2028, all above its 2% goal, and markets expect at least one more hike this year, possibly reaching 3% by Christmas. This keeps upward pressure on ECBRATES.MM.

    Forward guidance and market expectations point to a higher future policy rate, supporting ECBRATES.MM.

  • Middle East war keeps oil above $100, fueling inflation Brent crude surged past $105 as Iran-US fighting cut energy exports, pushing eurozone inflation to 3.3% in August. The ECB is hiking to stop this energy shock spreading, which supports higher rates and a higher ECBRATES.MM.

    The war-driven energy inflation is the main reason the ECB is hiking, directly driving ECBRATES.MM higher.

  • Resilient economy gives ECB room to keep hiking ECB President Lagarde said she was surprised by the economy's resilience, with defense, infrastructure and AI investment driving growth. The ECB raised its growth forecast to 0.9% for 2026 and 1.4% for 2027, supporting further rate increases and a higher ECBRATES.MM.

    A stronger economy reduces the risk that hikes will be reversed, reinforcing the upward path for ECBRATES.MM.

August 2026
▲3▼1

ECB set to hike again as war-driven inflation outweighs softer expectations

  • ECB already hiking, more expected in September The ECB raised rates in June — its first hike in nearly three years — and is widely expected to raise again in September, to 2.50% from 2.25%. Higher policy rates lift the ECBRATES.MM level, which is what this page tracks.

    Directly explains the upward push on the ECB policy rate that ECBRATES.MM reflects.

  • Iran war keeps energy inflation high The Middle East conflict is pushing up natural gas and fuel prices, keeping eurozone inflation near 3%. The ECB is hiking to stop that energy shock spreading through the economy, which supports higher rates and a higher ECBRATES.MM.

    Identifies the main force the ECB itself cites for tightening policy.

  • Strong economy and hawkish ECB voices back more hikes August's composite PMI hit 52.1, the best since November, with hiring and orders improving. ECB's Schnabel said rates must rise further, and Nordea expects a September hike — all reinforcing expectations of a higher policy rate.

    Shows both hard data and official comments pointing to further tightening.

  • Falling inflation expectations are the counterweight Consumers' inflation expectations dropped for a third straight month, to 2.9% for the year ahead. If that continues, the ECB may not need to hike as much, which would cap or pull down ECBRATES.MM.

    Gives the fair opposing force that could limit further rate rises.

▲3▼1

ECB set to hike again as war-driven inflation outweighs softer expectations

  • ECB already hiking, more expected in September The ECB raised rates in June — its first hike in nearly three years — and is widely expected to raise again in September, to 2.50% from 2.25%. Higher policy rates lift the ECBRATES.MM level, which is what this page tracks.

    Directly explains the upward push on the ECB policy rate that ECBRATES.MM reflects.

  • Iran war keeps energy inflation high The Middle East conflict is pushing up natural gas and fuel prices, keeping eurozone inflation near 3%. The ECB is hiking to stop that energy shock spreading through the economy, which supports higher rates and a higher ECBRATES.MM.

    Identifies the main force the ECB itself cites for tightening policy.

  • Strong economy and hawkish ECB voices back more hikes August's composite PMI hit 52.1, the best since November, with hiring and orders improving. ECB's Schnabel said rates must rise further, and Nordea expects a September hike — all reinforcing expectations of a higher policy rate.

    Shows both hard data and official comments pointing to further tightening.

  • Falling inflation expectations are the counterweight Consumers' inflation expectations dropped for a third straight month, to 2.9% for the year ahead. If that continues, the ECB may not need to hike as much, which would cap or pull down ECBRATES.MM.

    Gives the fair opposing force that could limit further rate rises.