• Does not see recession but a much weaker growth rate
  • Optimistic about a monetary policy move this year
  • Does not buy the argument that monetary policy should hold back just because of the economy

The remarks here are to be expected by Nagel, considering he is among the hawks. But they certainly have been a vocal bunch lately and it is helping to tip the scales in terms of market expectations at least. Money market odds are pointing to three 0.25% rate hikes from the ECB by October.