According to Jin10, Bank of America expects the European Central Bank to raise rates by 25 basis points in December, saying a new energy shock will keep eurozone inflation above the central bank's target for longer. It said recent gains in European natural gas and oil prices are worsening inflation concerns, while persistent geopolitical tensions and no breakthrough yet in the Iran conflict could keep energy markets tight during the winter demand peak. Bank of America also said economic growth may still hold up, but likely not as strongly as it does now, and that it doubts significant second-round effects have emerged. The bank said ECB action in October is not impossible, but would likely require clearly higher inflation data.