The ECB froze rates today but September's hike is already in the calendar
The ECB held its deposit facility rate at 2.25% on July 23, 2026, pausing to assess the inflationary fallout from the US-Iran war and Strait of Hormuz disruption. With oil above $100, ING sees a September hike as the realistic base case , a scenario that keeps pressure on startup valuations, risk assets, and founders trying to time their fundraising window.
