No need to rush into any decision amid latest decline in oil pricesIt would be prudent not to rush into policy actionLower energy prices should quickly feed into lower price expectations and keep wage pressures downECB can wait until next projections to decide if more tightening is neededOnly case for more rate hikes would be tied to second-round effects or deanchoring of inflation expectationsBut we're seeing none of these at the momentIt's worth remember that even the milder scenario of the latest projection included more policy tighteningSo if that path is confirmed, a further rate hike may still be neededMore to come.. This article was written by Justin Low at investinglive.com.