Barclays and BofA Global Research revised their forecasts and no longer expect the European Central Bank to cut interest rates at its December meeting, after the ECB decided to keep interest rates unchanged on Thursday.

The ECB kept interest rates steady at 2 percent for a third consecutive meeting as economic risks eased and the euro zone showed continued resilience, Reuters noted.

Both brokerages had previously forecast a 25-basis-point rate cut at the central bank’s policy-making meeting in December.

Barclays expects the ECB to keep interest rates unchanged until the end of 2026, while BofA forecasts a quarter-point cut in March.

“The ECB continues to express little, if any, conviction about whether and for how long the current stance will be maintained,” Barclays said in a note on Thursday.

Meanwhile, brokerages including Goldman Sachs and UBS Global Wealth Management reiterated their expectations that the ECB will keep interest rates unchanged for the foreseeable future.

Current market consensus suggests little to no chance of a rate cut in December this year, according to data compiled by LSEG.