(Bloomberg) -- The European Central Bank’s September policy meeting will be key for officials to determine whether to cut interest rates again, according to Governing Council member Peter Kazimir.

The Slovak central bank chief — in an op-ed published on Monday — implicitly ruled out July, saying that he and his colleagues will need more data and time to assess the price risks to the economy.

“We can afford to enjoy the summer without hurrying into the decision — we don’t need to rush and there’s no reason to rush,” he said. “September will be a pivotal month,” he said, referencing new forecasts due then. “That will be the right moment to reassess our stance and decide whether we need to adjust our monetary policy settings. In short, whether to cut rates or not.”

The remarks by Kazimir are the most explicit yet by a policymaker on the path ahead since the ECB cut rates last week by a quarter point. It simultaneously lifted its inflation forecasts for 2024 and 2025, clouding the outlook for investors, who had previously priced in some three reductions in borrowing costs this year.

“Proceeding one step at a time without ruling anything out is the smartest way forward,” he said. “The economic situation in the eurozone remains fragile, and the ‘inflation beast’ isn’t beaten yet.”

Earlier on Monday, Latvia’s Martins Kazaks warned that “inflation has a tendency to return.” Other policymakers scheduled to speak later in the day include two hawks: Bundesbank President Joachim Nagel and Austria’s Robert Holzmann, who was the only dissenter against last week’s cut.

--With assistance from Aaron Eglitis and Alexander Weber.

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