(Bloomberg) — Money markets are bringing forward the timing of the European Central Bank’s first rate in hike in more than a decade to October next year from December after President Christine Lagarde’s half-hearted pushback Thursday. 

Inflation expectations are rising, so traders expect that the central banks will increase the rate of deposit facilities by 20 basis points to 0.3% in October 2022. 

German consumer prices increased 4.6% in Oktober, which is the fastest rate of inflation since 1993. However, the Bundesbank reported in its monthly report that future price increases could be faster than in previous months, before slowing down in next year.