Austrian Central Bank Chief Says Further Rate Hikes Needed if Inflation Overshoots

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European Central Bank Governing Council member and Austrian Central Bank Governor Robert Holzmann said on Monday that upside risks to inflation have recently increased, and if this is confirmed by the ECB's next projections, a prompt rate hike would be necessary. In a statement following the monthly inflation data, the governor noted that 'upside risks to inflation have recently increased again across the euro area as a whole,' and added, 'If this situation is confirmed by the ECB's next projections, I believe a further rate hike will be needed in the near term.'

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Hawkish ECB official signals further rate hikes if inflation overshoots, pushing policy rates higher.

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