ING economist Carsten Brzeski said ECB minutes from September show the decision to raise rates had broad support, but internal discussion was more balanced than ECB President LAGARDE’s post-meeting remarks implied, making a further hike in October unlikely. Some officials judged the energy shock may be shorter than previously assumed, while others questioned claims of the economy’s resilience to the shock. Continued rises in bond yields have reinforced views among some officials that additional

ING economist Carsten Brzeski said ECB minutes from September show the decision to raise rates had broad support, but internal discussion was more balanced than ECB President LAGARDE’s post-meeting remarks implied, making a further hike in October unlikely. Some officials judged the energy shock may be shorter than previously assumed, while others questioned claims of the economy’s resilience to the shock. Continued rises in bond yields have reinforced views among some officials that additional tightening is unnecessary. Brzeski added that, with the bond market effectively tightening financial conditions for the ECB, appetite for further rate increases may be weaker than at the September meeting.