Tomasz Wieladek, chief European economist at T. Rowe Price, said that the ECB used more balanced language in its statement than expected by the market. Although the ECB talks about slowing growth, it also admits that domestic inflation remains high and wage growth is accelerating. The ECB does not provide forward-looking guidance on future interest rate cuts because it insists on making decisions meeting by meeting. This balanced language is a sign that the ECB wants to keep all options. It also suggests that policy events and data will determine the ECB's response in December.

Tomasz Wieladek, chief European economist at T. Rowe Price, said that the ECB used more balanced language in its statement than expected by the market. Although the ECB talks about slowing growth, it also admits that domestic inflation remains high and wage growth is accelerating. The ECB does not provide forward-looking guidance on future interest rate cuts because it insists on making decisions meeting by meeting. This balanced language is a sign that the ECB wants to keep all options. It also suggests that policy events and data will determine the ECB's response in December.