ECB's Makhlouf says every meeting is live, inflation risks skew higher
Makhlouf says nothing is off the table for future meetings, as ECB officials point to risks that have grown since September's rate move
Published
European Central Bank Governing Council member Gabriel Makhlouf said every meeting is now a live meeting, given the uncertainties facing policymakers. He said inflation risks still skew to the upside and that nothing is off the table for coming decisions.
His comments follow those of fellow Governing Council member Pereira, who said risks have risen considerably over the past few months and that conditions have worsened since the ECB's last rate move in September.
The euro fell to $1.1474 on Wednesday. The dollar index climbed to its highest level since late July the same day, after the Federal Reserve announced its own rate decision.
Makhlouf's language keeps the door open to further tightening while acknowledging growth risks, in line with the ECB's recent hawkish tone but tempering expectations further out. Traders are already pricing in an October move, and with inflation risks seen as tilted upward, his remarks amount to no fresh signal: the baseline of data-dependent hiking continues.