1258 GMT - Through the rear-view mirror, the European Central Bank's choice to hold interest rates clearly makes sense, with inflation down in June and few signs of knock-on effects from higher energy prices, ING's Carsten Brzeski says in a note. Yet, with energy prices soaring--and assuming the June hike was not just an insurance move--a hike in September looks almost like a done deal, he says. The latest increase in energy prices has pushed the ECB closer to its more severe macro scenarios for the impact of the war. "Unless oil prices start dropping significantly over the next weeks, the ECB's own macro projections in September will call for another rate hike, loud and clear," he says (edward.frankl@wsj.com)
(END) Dow Jones Newswires
July 23, 2026 08:58 ET (12:58 GMT)
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