ECB’s Nagel signals further rate hikes as inflation hits far too high

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Bundesbank President Joachim Nagel and the member of the Governing Council responsible for setting European Central Bank policy at last week’s meeting:

  • “Thursday’s milestone was a clear sign and if the inflation picture remains the same, further clear milestones must follow,”
  • the inflation rate to come “will probably be at a much too high level of more than 6%”, could peak at more than 10% in December
  • “Ahead of 2023, the inflation picture is expected to weaken somewhat”

Nagel gave no guidance on the level he sees for ECB rates, saying it will instead depend on the data.

Nagel was speaking in a radio interview on Deutschlandfunk. in a radio interview on Sunday.


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