• A significant rate hike is needed in October
  • But too early to say how much in terms of basis points

He is alluding to the debate between 50 bps and 75 bps, which is still yet to be settled. For some context, the ECB meeting will only come on 27 October so there is still plenty of time between now and then for policymakers to sieve through the data and come up with a firm conviction in the coming weeks.