ECB's Dolenc says shouldn't wait for second-round effects to appear and inflation situation not resolving; December projections will provide clarity and arguments are there for a September rate hike

Comments of this kind from a single Governing Council member tend to move the front end only insofar as they shift the perceived centre of gravity: hawkish outliers are a recurring feature of ECB communication, and the historical pattern is that the market prices the median, not the tails, until the language migrates toward the core and the executive board. The signal here is twofold. First, the explicit flag of the next round of projections as the decision input, which is the standard ECB device for conditioning a move and has historically raised the sensitivity of every data print between now and then. Second, the refusal to wait for second-round effects, which is the more restrictive framing: it pre-empts the usual dovish argument that wage pass-through remains contained, and in past cycles that framing has been the tell that tightening momentum was broadening beyond the hawks. The transmission channel is the short end of the ESTR curve and the timing of the next hike rather than the terminal rate, with spillover into the periphery spread complex if the rhetoric hardens. What distinguishes this from noise is whether other members echo the September reference in coming sessions; lone voices have previously faded without follow-through. As commentary rather than a decision, the read is directional.