Lagarde and colleagues, gathering in Berlin for their annual venture away from the central bank's Frankfurt headquarters, are likely to have taken comfort from recent growth data.
The euro zone economy has been holding up better than anticipated despite higher fuel costs, competition from China and the impact of droughts.
Bank lending even picked up pace in July, suggesting the ECB's June rate rise had not dented activity and giving policymakers scope to tighten further on Thursday.
The ECB now expects the euro zone economy to grow by 0.9% in 2026, 1.4% in 2027 and 1.5% in 2028.
But policymakers will be watching a rise in government borrowing costs that has already tightened financing conditions.
Long-term bond yields have scaled highs not seen since before the global financial crisis, reflecting inflation concerns and worries about ballooning government debt.
Competition from bond sales by big tech companies aggressively raising money to fund the AI boom has added to upward pressure on yields, while political turmoil in Germany has shaken its government bonds, the benchmark for the euro zone.
So far, economic indicators the ECB watches have broadly been benign.
Core inflation, which strips out energy and food prices, eased to 2.4% last month and the latest survey showed consumers had trimmed their expectations for price growth. Pay rises had also moderated.
"Unlike the 2022 energy shock, this year's energy price shock is unlikely to spark a wage-price spiral, as demand conditions are not as conducive to higher inflation," Andrew Kenningham at Capital Economics said.
ING's global head of macro Carsten Brzeski said companies, at least in Germany, had so far absorbed the higher costs, in marked contrast to 2022, when the energy shock following Russia's invasion of Ukraine pushed inflation above 10%.
Lagarde is likely to be asked at her post-decision press conference about her tenure as ECB president, which is scheduled to run until October 31, 2027.
She has repeatedly been linked to the leadership of the World Economic Forum, and spoke in July of her desire to champion European values in some capacity during the campaign for next year's French presidential election.
Pressed later that month on whether that meant leaving the ECB early, Lagarde merely said: "You are not going to see the back of me before 2027."
A report last week suggesting that ECB board member Isabel Schnabel was in talks to join the International Monetary Fund could herald a reshuffle at the top of the euro zone's central bank.
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