“Good news” on inflation: ECB’s Nagel sees no second-round effects
Joachim Nagel, European Central Bank (ECB) Governing Council member and Bundesbank President, expressed confidence on Tuesday in the global economic outlook despite geopolitical tensions in the Middle East.
ECB Governor Joachim Nagel expressed optimism over the global economic outlook, despite ongoing geopolitical tensions in the Middle East. Speaking to Reuters, the ECB policymaker stated that the global economy is "on a growth path" and welcomed the easing of core and services inflation. He further emphasized that he does not observe any second-round effects on inflation.
Nagel also discussed recent foreign exchange interventions involving the Japanese Yen (JPY), expressing a preference for coordination on these actions. He noted that the use of the Euro (EUR) in US and Japanese interventions was discussed during the G20 meeting. The Euro remained relatively stable at 1.1590 against the US Dollar (EUR/USD) after Nagel's comments, trading at a two-week low.
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