Goldman Sachs and BNP Paribas now expect no further ECB rate cuts in 2025 after the central bank held its deposit rate at 2%.
Both banks say the easing cycle is over—BNP even forecasts the next move will be a hike in Q4 2026—citing a resilient Euro-area economy and the likelihood of a U.S.–EU tariff deal.
Other lenders, including HSBC and J.P. Morgan, have likewise pushed their first anticipated cut into late 2025 or beyond.


![Is Now the Best Time to Buy Silver? [Silver 2025–2030 Forecasts]](https://goldsilver.com/wp-content/uploads/2025/11/price-of-silver-300x155.jpg)


