ECB's Simkus:$100 oil will have repercussions on inflationInflation risk has increasedTheres' no value in rushing with a decision nowWe will have additional inflation data in SeptemberI still see probability of a rate hike higher than a holdWe do not see second-round effects of higher inflationECB's Rehn:Not seeing signs of second-round effectsWe need to keep a cool headEnergy crisis is not over yetECB's Makhlouf:We will have more information in SeptemberInflationary pressures have not gone awaySeveral ECB policymakers struck a cautious but hawkish tone, reinforcing the message delivered after yesterday's policy meeting that the Governing Council remains prepared to tighten policy further if the inflation outlook were to deteriorate.ECB's Šimkus warned that oil prices around $100 per barrel would have repercussions for inflation, arguing that the recent surge in energy costs has increased upside risks to the price outlook. Šimkus noted that policymakers will have more inflation data available before the September meeting. He added that he still sees the probability of another rate hike as higher than that of a hold. He also reitereated that the ECB has yet to see evidence of second-round effects from the latest energy shock.Echoing that view, ECB's Rehn said the central bank is not seeing signs of second-round inflation effects and urged policymakers to "keep a cool head" despite the recent jump in energy prices. Rehn nevertheless cautioned that the energy crisis is not over, suggesting that the Governing Council cannot yet assume the latest shock will prove temporary.ECB's Makhlouf also stressed that the ECB will have considerably more information by September but noted that inflationary pressures have not disappeared.Following yesterday's ECB decision, the usual post-meeting "leaks" indicated that the ECB is ready to raise interest rates in September if the inflaiton outlook were to deteriorate. This suggests that the ECB will need a de-escalation in the Middle East and benign inflation figures to hold off from increasing rates further. The markets continue to lean toward additional tightening given the US-Iran war and surging oil prices. Money markets are pricing in a 70% probability of a rate hike at the September meeting and around 42 bps of total tightening by year-end. This article was written by Giuseppe Dellamotta at investinglive.com.