The ECB extends full-allotment funding at parity with the MRO rate into the fourth quarter as banks term out against balance-sheet run-off.

Two central banks are moving in opposite directions on the same instrument. Norges Bank raised its policy rate to 4.5% with CPI at 3.3% and core at 3%, both below its own path, while the ECB keeps its 84-day longer-term refinancing operation priced at parity with the average main refinancing operations rate, with full allotment. The RBI is draining liquidity through a one-day variable rate reverse repo of ₹111,711 crore and a standing deposit facility of ₹224,503 crore, leaving net liquidity injected from today's operations at ₹−336,013 crore; the overnight segment cleared at a weighted average rate of 5.06% on volume of ₹742,309.96 crore. The fiscal cost of higher policy rates is the thread linking Oslo and London: the UK Chancellor is repurposing the National Wealth Fund's existing capitalisation to create and support 130,000 jobs by 2030, with a £300m Rolls-Royce investment, funded from Department for Work & Pensions savings rather than new gilt supply.