Exxon Mobil (XOM.N): power outage at its Joliet, Illinois refinery after flooding inundated a pump station.

ECB policymaker KAZAKS said the bank may have to raise borrowing costs to a level that curbs economic activity to control inflation. He said the Iran war’s energy shock is proving more persistent and the ECB must do everything to prevent elevated oil and gas prices from spilling into broader inflation. He added the stronger the economy, the easier it is to raise rates, citing Germany’s unexpectedly strong Q2 growth. KAZAKS said “2.5% is nothing magical” and that, if necessary, the ECB will of course go higher. He gave no timing guidance but said “all meetings are live meetings.”

ECB executive board member REHN said the Fed's decision was unanimous and that this unanimity is very important.