Bundesbank’s Nagel sees first ECB rate hikes in Q3

WASHINGTON (Reuters) – Bundesbank President Joachim Nagel said he is against the European Central Bank making any hasty interest rate hikes and that he expects its first rate moves in the third quarter.

Nagel added that it was increasingly unlikely that the ECB would be able to bring inflation back under its target of 2%.

Nagel, speaking at the IMF-World Bank spring meetings on Wednesday, added that the IMF’s global growth forecasts may also have to be further cut as already high inflation rates show no sign of stopping.

(Reporting by Christian Kraemer, Writing by Miranda Murray, Editing by Thomas Escritt)