FRANKFURT – Euro area rate-setters are off to the Italian tourist haven Florence for this month’s monetary policy decision, and one analyst said those who monitor the European Central Bank for a living can spend their Thursday focused on something else.

“If you’ve ever thought about skipping an ECB meeting, this is the one to sit out,” wrote ING’s Carsten Brzeski, who went on to cite various reasons why this week’s meeting is a non-event.

Atop that list was a lack of new data since last month’s rate decision, giving officials almost nothing to act upon. Policymakers are still looking at September’s inflation numbers. The annual headline rate of 2.2% is unlikely to warrant action as it remains close enough to the ECB target of 2.0% over the medium term. And the initial October number is not due until Friday. Additionally, third-quarter GDP data from the Eurozone is set for release just hours ahead of the ECB decision.

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October’s rate of headline consumer price growth in the euro area is forecast to move closer to the level preferred by the European Central Bank, which has probably ended its cycle of interest rate cuts, according to observers.

An economists’ poll predicted that the annual Eurozone headline inflation rate this month slipped a tenth to 2.1%, which would put it just above the ECB’s target of 2% over the medium term.

The less-volatile core rate was set to fall a tenth to 2.3% y/y, observers said.

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For the second time in a row, economic activity in the euro area improved more than expected, with last quarter’s rise thanks in part to impressive showings from France and Portugal.

The EU statistics office Eurostat said seasonally adjusted Eurozone GDP expanded at a quarterly rate of 0.2% q/q in Q3. This outpaced the market expectation for a 0.1% rise, which was also the growth rate in Q2. The latest result fell far short of Q1’s 0.6%, when frontloading ahead of US tariffs turbocharged business activity.

Q3 growth in the euro area was up 1.3% from the year-earlier period. This beat the market forecast of 1.2% but undershot the 1.5% increase in Q2.

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Donald Trump and Xi Jinping agreed to extend a tariff truce, roll back export controls and reduce other trade barriers in a landmark summit on Thursday, potentially stabilizing relations between the world’s biggest economies after months of turmoil.

In the first sitdown between leaders since Trump’s return to the White House, the pair agreed China would pause sweeping controls on rare-earth magnets in exchange for what Beijing said was a US agreement to roll back an expansion of restrictions on Chinese companies. The US will also halve fentanyl-related tariffs on Chinese goods, while Beijing resumes purchases of what Trump called “massive amounts” of soybeans, sorghum and other farm products.

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