More rate hikes may be needed, says Bundesbank’s Nagel

German governor has a soft landing as his baseline scenario

Joachim Nagel
Joachim Nagel
Sebastian Weindel

The European Central Bank (ECB) may need to increase interest rates further in order to bring inflation back to the 2% target, said Deutsche Bundesbank president Joachim Nagel in a recent interview with Central Banking.

“We have done a lot by implementing 10 hikes so far, and maybe more will be on the way if the data indicate that further action is warranted,” said Nagel.

On September 14, the ECB’s governing council increased interest rates for the tenth consecutive time since July 2022. It

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