The Bank of Russia lowered its benchmark key interest rate by 50 basis points to 15.5% on February 13, 2026, extending its easing cycle with a sixth consecutive cut. The decision came as a surprise to most economists, who had expected policymakers to hold rates steady at 16% amid a recent inflation uptick.

US inflation eased in January, reflecting a sharp decline in energy costs even as underlying price pressures showed signs of firmness.

The European Central Bank has entered what officials describe as a “monitoring phase” after the euro climbed roughly 14% in the first half of 2025.