ECB's Kazāks Indicates Monetary Tightening is Not a 'Race Toward Much Higher Rates'

European Central Bank Governing Council member Mārtiņš Kazāks stated that while some further monetary tightening is still needed under the current inflation outlook, it is not a 'race toward much higher rates.' He suggested that policymakers need to consider whether additional increases would unnecessarily harm economic growth if inflation is credibly projected to subside over the next 12 to 18 months, with a December rate increase being 'quite likely'.