- The ECB is widely expected to raise interest rates by 25 basis points in September as energy-driven inflation (higher oil and gas) pushes euro‑zone inflation back up.
- Further hikes are uncertain — policymakers are cautious because wage growth is slowing and the labour market is soft, though markets still price a chance of more moves later.
- A recent U.S. intervention that sold euros to buy yen annoyed European officials, while rising bond yields across Europe are tightening financial conditions.
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