ECB Marginal Lending Rate Holds at 2.90%, Up from 2.65%

The marginal lending rate is the ceiling of the ECB's corridor, not its policy signal, so a move here matters mainly for how the standing facility is being priced relative to the rest of the framework. For euro-area banks and collateral desks, the wider spread against the prior reading raises the cost of overnight liquidity backstops. Whether the corridor's other edges adjust to keep the spread intact is the open question.