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Free AccessBundesbank's Nagel: Rates Still Expansionary, Initiate QT At Start Of 2023
Bundesbank's Nagel sounding typically hawkish in a speech totay, calling for QT to start "at the beginning of next year". Like Fed's Bullard yesterday, we even get a Taylor Rule reference in his speech. Unlike Bullard, not much of a hawkish reaction to Nagel's comments.
- "We must resolutely raise our key rates further and adopt a restrictive stance...we cannot stop here. Further decisive steps are necessary."
- Says current rate level "cannot ensure a timely return of inflation to our 2% target." And he considers discussion over whether the ECB has reached restrictive territory "premature". Various measures suggest rates are currently "expansionary", including the Taylor rule.
- "In abnormal times with inflation in double digits, a mere normalisation of monetary policy might not be enough... If we don’t act decisively now, we run the risk of having to tighten monetary policy all the more later."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.