Recent ECB communications and a Reuters poll of economists show broad consensus for holding the deposit facility rate at 2.50% at the October 29 meeting, following the September 25-basis-point hike. Policymakers highlighted anchored longer-term inflation expectations and more benign underlying price trends despite headline inflation near 3.8% driven by energy costs from Middle East conflicts. The euro-area economy has shown resilience, supporting a data-dependent, meeting-by-meeting approach rather than immediate further tightening. Trader positioning reflects this outlook, with limited pricing for an October move. A sharp escalation in energy prices, clearer pass-through to core inflation or wages, or unexpectedly strong growth data could still prompt a reassessment before year-end.