ING Expects Fed and ECB to Each Hike Once More by December

ING's revision matters because it signals that the energy-driven supply shock is being read as persistent rather than transitory, pushing two major central banks back toward tightening after a pause. That reassessment affects rate-sensitive sectors on both sides of the Atlantic, from credit to crypto, where liquidity expectations have driven much of this year's positioning. The open question is whether this becomes a broader consensus shift or stays an outlier call, and whether incoming inflation data validate the supply-side framing.