ECB’s Nagel: The window for monetary policy action is slowly closing

  • Sees no recession but a much lower growth rate
  • Optimistic about a change in monetary policy this year
  • Doesn’t buy the argument that monetary policy should hold back just because of the economy

Remarks here are to be expected by Nagel, given that he is one of the hawks. But they’ve certainly been a vocal group lately and that helps tip the scales in terms of market expectations at least. Money market odds point to three ECB rate hikes of 0.25% by October.


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