Catching up on weekend news.
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Bundesbank President Joachim Nagel and member of the European Central Bank's policy-setting Governing Council on the meeting last week:
- “Thursday’s step was a clear sign and if the inflation picture stays the same, further clear steps must follow,”
- the rate of inflation ahead “is likely to be at a far-too-high level of over 6%”, may peak over 10% in December
- “In the course of 2023, the inflation picture is likely to weaken somewhat”
Nagel did not give guidance on how high he sees ECB rates going, saying instead that will be data-dependent instead.
Nagel was speaking in a radio interview on Deutschlandfunk. in a radio interview on Sunday.
