The European Central Bank (ECB) has decided to delay any potential rate cuts, citing uncertainties surrounding the inflationary effects of new U.S. tariffs and ongoing supply-side risks. ECB officials anticipate more definitive signals by their December meeting, which will guide future policy decisions. Current projections estimate inflation at approximately 1.7% in 2025 and 1.9% in 2026, prompting a cautious stance. Governing Council members, including Edward Scicluna, stressed the importance of data-driven decision-making in light of the ambiguous impact of tariffs on inflation.