Richard Carter, head of fixed-income research at Quilter Cheviot, said markets are pricing an ECB rate hike at the September meeting, but delivery largely depends on developments in the Middle East and timing of any substantive resolution. If no near-term settlement materializes, energy costs and upward pressure on inf would likely intensify, which could force policymakers to tighten again; he sees the chance that other major central banks will follow as unlikely for now.