ECB's Joachim Nagel Says Rate Path Remains Unclear Ahead of September Meeting

ECB Governing Council member and Bundesbank President Joachim Nagel said the European Central Bank will be able to draw on a series of new data when it next discusses interest rates in September. According to Jin10, he wrote in an emailed statement that keeping key rates unchanged this time was the right decision and said the June rate hike had put policymakers in a favorable position to closely monitor further developments. Nagel said there is still significant uncertainty and reiterated the ECB's long-standing principle of never making advance commitments. He said the ECB will receive a lot of new data and new forecasts in September, when it will also reassess the inflation outlook.