5/27, 1:19 PM (Source: TeleTrader)
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Bundesbank's Nagel: Rate hike to come in July

Bundesbank President Joachim Nagel said on Friday that he believes the European Central Bank should proceed with the first increase of its key interest rates in July, with more hikes to follow in the second half of the year.

Commenting on the state of the bloc's economy, Nagel noted that it "could take some time" for the inflation to get closer to the targeted 2% range. Inflation "won't fall overnight," he warned.

The preliminary report on the state of the Eurozone inflation is set to come out next Tuesday, with estimates pointing toward another record increase.

Baha Breaking News (BBN) / ND