PIMCO: Konstantin Veit comments on yesterday's ECB meeting

6 februari 2026

Rente ECB

Konstantin Veit, Portfolio Manager at PIMCO, comments on yesterday’s European Central Bank (ECB) meeting:

'As widely expected, the ECB left policy rates unchanged, with the overall outcome of the meeting largely in line with prior guidance and market expectations.

The central bank remains in a comfortable position, with inflation close to target, growth holding up at trend‑like levels, and labour markets remaining solid.

Against this backdrop, policymakers appear broadly satisfied with policy rates sitting around the mid‑point of the estimated neutral range and see little reason to adjust settings at this stage.

We share the Governing Council’s majority view that risks to the medium‑term inflation outlook remain broadly balanced.

Over the course of this year, we expect inflation to transition towards a more sustainable 2% rate, supported by a gradual easing in services and wage inflation towards levels consistent with medium‑term price stability.

While services and wage inflation remain elevated, the ECB is likely to look through the modest and largely energy‑driven deviations from target in order to preserve conventional policy space, particularly as inflation expectations remain well anchored.

As a result, we continue to expect policy rates to remain unchanged for the foreseeable future, while keeping an open mind on the direction of the next move once this period of inaction comes to an end.'