Recent eurozone inflation data, revised upward to around 3.0% for 2026 amid elevated energy prices tied to Middle East tensions, have reinforced expectations for further ECB tightening. A late-September rate increase to 2.50% and subsequent Governing Council accounts highlighted upside risks to the outlook, while September staff projections showed persistent headline pressures into 2027. Reuters surveys of economists conducted in early October indicate broad consensus for a hold at the October 29 meeting followed by a 25-basis-point deposit facility rate rise in December, reflecting resilient growth and limited evidence of second-round effects so far. Trader pricing aligns with this path, though subdued core trends and anchored longer-term expectations continue to moderate the scale of anticipated adjustments.