MNI China Daily Summary: Monday, November 18

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ECB: Nagel Focuses On the Inflationary Impact Of Trade Fragmentation

ECB
BundesbankCentral Bank NewsFixed Income BulletsCEEMEAEurozoneGermanyBulletGlobalEuropean Central BankForeign Exchange BulletsRegionMarkets

Monday comments from Budesbank President Nagel appear more focused on the inflationary impact of trade fragmentation compared to when he spoke last week (Nov 13; "If the tariff plans are implemented, it could cost us [Germany] 1% of economic output,”).

  • He notes that "central banks have all of the tools necessary to handle" a rise in fragmentation-related inflationary pressures.
  • In fitting with his hawkish leanings: "a noticeable reduction in global integration would mean that it would have to set interest rates higher to keep inflation at bay".
  • However, he concedes that "the magnitude [on inflation] seems minor" at present, limiting the overall hawkish readthrough.
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Monday comments from Budesbank President Nagel appear more focused on the inflationary impact of trade fragmentation compared to when he spoke last week (Nov 13; "If the tariff plans are implemented, it could cost us [Germany] 1% of economic output,”).

  • He notes that "central banks have all of the tools necessary to handle" a rise in fragmentation-related inflationary pressures.
  • In fitting with his hawkish leanings: "a noticeable reduction in global integration would mean that it would have to set interest rates higher to keep inflation at bay".
  • However, he concedes that "the magnitude [on inflation] seems minor" at present, limiting the overall hawkish readthrough.