Interest rate message from ECB official Holzmann

European Central Bank Governing Council member Robert Holzmann said the European Central Bank should not pause on rate hikes this month. European Central Bank Governing Council member Robert Holzmann said that inflation in the euro zone is running more persistently than expected and that the ECB should therefore not pause on rate hikes this month. Speaking to China Global Television Network, Holzmann pointed to the ECB meeting on September 14, saying that raising the deposit rate to 4% would be “important” and would provide a “signaling effect.” “I hope that we will cut interest rates in 2025 at the latest,” Holzmann said. According to ECB Vice President Luis de Guindos, the bank still wants to see some data for its September decision. “The economic growth forecasts are worse than our June forecasts, and the inflation forecasts are similar to our June forecasts,” Guindos said.