European Central Bank Governing Council Member Kazaks: Not in a hurry to raise interest rates, will continue to observe the data

European Central Bank Governing Council member Martins Kazaks stated that there is no rush to raise interest rates, as current data is not yet sufficient to support such action. Kazaks said, “We still have plenty of room to continue gathering data and forming judgments.” Currently, inflation expectations remain under control, and so far, the ripple effects of rising energy prices on the overall economy have been relatively limited. Oil prices have fallen back from their highs after the Iran war, and European natural gas prices are also well below 2022 levels. Kazaks noted that the current 2% interest rate level neither stimulates economic growth nor suppresses economic activity.