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Nagel - ECB Could Cut Before The Summer Break

ECB

Headlines from the Bundesbank head Nagel crossed earlier. They appear in line with rhetoric from yesterday's ECB policy meeting.

  • Nagel stated an ECB cut could happen before the summer break for the central bank, but a June cut will be data dependent. Note the central bank meets on June 6 and then July 18, before not meeting again until Sep 12. These come after the April meeting.
  • Other comments noted by Nagel: "Last mile of monetary policy regularly is difficult, you have to stay calm, can’t become euphoric too early claiming you’ve overcome inflation.”
  • "German economy growth is much too slow, but he expects momentum to return “if we do our homework” (per BBG)
  • See more from our ECB Watch here. Lagarde seemed to point to June as possible timing for a first cut, saying that the ECB “will have a lot more data” on wages agreement than in the April meeting.
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