ING now expects the Fed and the ECB to each deliver one additional rate hike by December, reversing a prior forecast of steady policy. ING economists said recent Fed and ECB meetings and a supply‑side shock from surging energy prices — whose broader economic impact has been limited so far —, combined with memories of the 2022 inflation spike and delayed policy response, support their call for December tightening.

2026-09-18

ING now expects the Fed and the ECB to each deliver one additional rate hike by December, reversing a prior forecast of steady policy. ING economists said recent Fed and ECB meetings and a supply‑side shock from surging energy prices — whose broader economic impact has been limited so far —, combined with memories of the 2022 inflation spike and delayed policy response, support their call for December tightening.