Rates held as energy shock pushes euro-area inflation to 3.8%
- Three key policy rates unchanged; no pre-commitment to a rate path
- September inflation rose from 3.2%; energy inflation surged to 18.9%
- Underlying inflation broadly stable; wage growth moderate at 3.3% in Q2
- Energy shock raises near-term inflation risks; growth risks tilted downside
- Financing conditions tightened; stocks fell and interest rates moved higher