ECB President Lagarde said the ECB's wage tracker shows wage growth of 2.5-2.8% for the remainder of 2026.

Analyst Chris Anstey said today’s statement—and Walsh’s briefing—clarified that officials need more information to determine the appropriate stance to bring inflation back to 2%. That explanation contrasts with July, when the Fed left rates unchanged amid high inflation and Walsh failed to explain policymakers’ logic, triggering a sharp market sell-off; the clearer messaging today appears to have calmed investors.

Federal Reserve Chair KEVIN WARSH said he has made clear the Fed stands ready to act. Near-term incoming data will help determine where the Fed wants policy to be.