Week of 26 - 30 October 2026 | Central banks: action through inaction 

In this edition of Amundi's Weekly Market Directions: 

  • The Fed, the ECB and the Bank of Japan (BOJ) kept rates on hold at their October policy meetings.
  • This decision to wait allows the Fed and the ECB to assess additional data before acting in December. 
  • Uncertainty over their future policy decisions remains high, as central banks would like to tame price pressures without crippling economic activity.
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Monica Defend

Monica Defend

Head of Amundi Investment Institute

Global central banks are striving to balance economic growth and inflation expectations driven by factors such as the war in the Middle East and AI capex. Accordingly, the Fed and the ECB kept policy rates unchanged as they await the effects of previous tightening to show up in the data.

Monica Defend, Head of Amundi Investment Institute

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Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 30 October 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 30 October 2026

Doc ID: 6073805