ECB policymakers reconsider rate hikes amidst banking crisis and inflation concerns.

ECB policymakers are reconsidering the path of interest rate hikes in light of last month's banking turmoil, but remain committed to reining in core inflation. Several Governing Council members noted the risk of a knock-on economic impact as interest rates continue to rise in an effort to tackle inflation. The events of the past month have caused some ECB policymakers to rethink. However, core inflation still needs to be taken into account, but it is "not the only part" that matters, with financial conditions tightening notably and access to credit diminishing for households and businesses.