According to Jin10, ECB Governing Council member Mārtiņš Kazāks said the European Central Bank is fully prepared to take further action if needed to bring inflation back to target from its current "slightly unsettling" level. He said consumer price growth is still hovering around 3%, but it is too early to judge the outcome of next month’s meeting. Following the first rate hike in June, markets are now almost fully pricing in a 25 basis point increase in the deposit rate. Kazāks said the ECB will meet again in September to assess the data and economic outlook before making a decision, and that further rate hikes have both advantages and disadvantages under the current situation.