ECBs Nagel says:
- Several more ECB rate hike so needed to tame inflation
- Will need to maintain peak rate for a sufficiently long time until inflation has fallen sustainably
Nagel is more of a hawk on the ECB board.
Back on May 12 Nagel said:
- Latest rate hike will be the last
- Inflation is still too high and too strong
- Need to be sure that inflation wave ends
Earlier today ECB’s Lagarde said:
- Rates are to reach sufficiently restrictive levels
- Rates are to stay restrictive as long as necessary