ECB Governing Council member Qigeman said a December rate hike is quite likely
after October inflation continued to rise, signalling the ECB may move next
month; such a step would be the third increase since the Iran war began. He
echoed a colleague’s view that a December hike is possible if economic
conditions remain unchanged and said the ECB could raise the deposit rate by
25bp at its final 2026 meeting, but declined to judge whether further tightening
will be needed in 2027. Qigeman also noted the energy outlook has improved since
the Democrats’ midterm win; oil has fallen nearly 20% in recent days, though he
said the durability of that decline and the future path of energy prices remain
uncertain.