The European Central Banks' forward guidance does not support market expectations of the first interest rate rise in Q3 of 2022 or any time soon after according to European Central Bank policymaker Pablo Hernandez de Cos.

"Our analysis does not support that our forward guidance conditions are met at a time when financial markets are currently anticipating the first interest rate hike, around the third quarter of 2022, nor does it support that these conditions will be met at an early date after that," De Cos told a financial event in Spain.

De Cos also stated that a recent surge in inflation was "transitory," but added that factors behind it, such as an increase in energy prices, could be more persistent than initially estimated, and that its duration was highly uncertain.

ECB's De Cos: Uncertainty in Eurozone still high - TeleTrader.com