ECB’s Nagel Stresses Data Dependency, Avoids Pre-Commitment on Rates Before September

• ECB’s Joachim Nagel advises against pre-committing to rate moves before September.
• Cites “intense uncertainty” and need for more data.
• ECB is in a “good position” following June rate hike.

European Central Bank Governing Council member Joachim Nagel stated that the central bank should not pre-commit to any policy adjustments before its September meeting. He emphasized that the ECB is in a strong position to address surging energy prices, partly due to the June rate hike, but also highlighted “intense uncertainty” and the “highly fragile” situation in the Middle East. Nagel indicated that the ECB would closely monitor a significant volume of incoming data between now and September to inform future decisions, reinforcing a data-dependent approach.