Deutsche Bank's Europe chief economist Mark Wall said that despite rising
inflation risks, the ECB should be cautious if it intends another rate hike
before year-end. The ECB on Thursday lifted its key rate by 25bp to 2.5%. Wall
said a December hike currently looks likely but warned a sharp rise in gas
prices is creating a negative supply shock that will eventually weigh on growth;
the magnitude and timing of the hit are uncertain.
