Update

The ECB has no reason to accelerate its hiking cycle

22 October 2026 16:40 RaboResearch

Inflation risks remain the ECB’s greatest concern. Yet, there are still no signs that energy inflation is spreading into broader wage and price setting. Meanwhile, investors’ concerns about debt sustainability lessen the headroom and need for further monetary tightening somewhat. But spreads are still far from levels that require ECB intervention, and current conditions do not prevent another rate hike in December.

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Marketing communication / Non-Independent Research. This publication is issued by Coöperatieve Rabobank U.A., registered in Amsterdam, and/or any one or more of its affiliates and related bodies corporate (jointly and individually: “Rabobank”). Coöperatieve Rabobank U.A. is authorised and regulated by De Nederlandsche Bank and the Netherlands Authority for the Financial Markets. Read more