Free Trial

ECB's Nagel Expresses "Firm Conviction" That No Rate Cuts Are Forthcoming

ECB

Nagel makes introductory statement on the Bundesbank annual report, speaking characteristically hawkishly. Full comments are found here: https://www.bundesbank.de/en/press/speeches/introd...

  • On QT: "there is no reason for supplying the financial system over the long term with such ample liquidity as is being provided now. I am therefore in favour of taking a steeper path of reduction starting in July"
  • On rates: "the interest rate step announced for March will not be the last. Further significant interest rate steps might even be necessary afterwards"
  • On rate cuts: Until [underlying inflation returns to medium-term target], interest rate cuts are a non-starter. That is my firm conviction."

To read the full story

Close

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.