ECB's Kazaks says September hike unlike to be the last, "unless we find ourselves in a very difference scenario than the baseline", Econostream reports

Kazaks has consistently sat on the hawkish end of the Governing Council, so commentary of this tone from him carries less surprise value than identical language from a centrist; the historical pattern in ECB hiking cycles is that the Baltic and Germanic voices lead the direction of travel, and the centre ratifies later. The substance here is the sequencing signal: pushing back on the idea that a projected move exhausts the tightening path, and explicitly rejecting any distinction between projection and non-projection meetings, is language aimed at keeping the front end of the curve pricing consecutive moves rather than pauses. The reference to conditioning larger steps on core inflation and second-round effects is the standard hawk framing that raises the sensitivity of the next core prints to the size question, not merely the direction question. In past episodes of this kind, the follow-on worth noting is whether doves on the Council echo the 'every meeting live' line or reassert data dependence with a bias toward smaller increments, since it is the median voter that determines the step size rather than the hawkish tail. Transmission runs through the front end of the EUR curve and the short-end differential against peers, with peripheral spreads the secondary channel if the pace guidance hardens. As commentary rather than a decision, the signal is directional and conditional.