ECB Governing Council member Nagel confirms ECB rate hike next week, but remains "cautious and non-committal" about the subsequent path

```html(1) European Central Bank Governing Council member and Bundesbank President Nagel stated that the market expects an over 95% probability of an interest rate hike next week, and that “at this stage, the market’s assessment of possible central bank actions is quite accurate,” implying that a September rate hike is almost certain.(2) However, regarding the policy direction after the September meeting, Nagel emphasized that he would not provide any specific guidance, citing continued volatility in oil and natural gas prices and highly turbulent financial markets, which result in significant overall uncertainty.(3) He also noted that the inflation rate is still far from the medium-term target, and according to the June forecast, only higher interest rates can drive inflation to fall back to 2% in the medium term.```