Will the ECB limit rate hikes in May?

ECB's Knot, which is known for a rather hawkish approach, suggests that interest rates may rise less during the May meeting. Of course, he sees the need for a further hike, but he is not sure about its size. This could mean a 25 bp hike. Knot also points out that banking turbulence can have long-term effects on inflation. He also points out that if there is no more market turmoil, APP reinvestment could gradually come to a halt.

Holzmann, on the other hand, points out that the ECB will have to do "more" in terms of interest rates at its May meeting.

Stounaras is the least hawkish of them. He said that the ECB should not commit to any rates in advance and stressed that the target was headline inflation and not core inflation. In relation to the main reading, we can expect quite a significant drop in the near future.

EURUSD has been weakening in the morning, however moods revered in the afternoon. Source: xStation5

22 October 2025, 6:58 AM

Morning wrap (22.10.2025)

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Will the ECB limit rate hikes in May?

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