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Nagel States ECB Must Be Stubborn To Root Out Inflation Pressures

ECB

Bundesbank President Joachim Nagel has appeared on Bloomberg TV this morning. The ECB Governing Council member delivered an unsurprisingly hawkish backdrop. EUR/USD has been unmoved (holding just under 1.0810 in recent dealings, which is close to NY closing levels from Thursday).

  • Nagel stated that the ECB must be stubborn to root out inflation, with core inflation pressures proving to be sticky.
  • He is yet to make up his mind about the September ECB policy decision, and will await more data, although added it is too early to think a rate-hike pause and that a recession is not on the cards at this stage.
  • Labor market conditions in the EU remain 'pretty good' and he also doesn't see a hard landing scenario for Germany.
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