In the accounts of ECB’s October 26-27 meeting, it’s noted that the 75bps rate hike was “supported by a very large majority of members” with “a few members expressed a preference” for just 50bps.
Still, with a 75bps hike, it was also “clear that rates would need to be raised further to reach a level that would deliver on the ECB’s 2% medium-term target”. In light of “prevailing uncertainties”, there was broad support for a “meeting-by-meeting, data-dependent approach” to taking monetary policy decisions.
