ECB's Sigmund Indicates Possible Rate Hike at Next Meeting

On October 30, ECB's Sigmund stated that the European Central Bank may decide to raise interest rates at the next policy meeting, believing that a gradual tightening of monetary policy is appropriate. Sigmund pointed out that the duration of the energy shock has exceeded expectations, and the eurozone has entered an unfavorable scenario in the ECB's latest forecasts. Rising energy prices have increased the risk of further inflation while weakening economic growth prospects. The rise in bond yields and the drop in stock prices reflect a further tightening of financial conditions. In this context, the ECB's gradual rate hike strategy is the right direction, helping to preserve space for future policy decisions. Sigmund emphasized that the ECB remains committed to stabilizing the medium-term inflation rate at 2% and will make interest rate decisions based on future data, inflation expectations, and the risk environment. He also noted that the prolonged conflicts in the Middle East and Ukraine may pose downside risks to economic growth.

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