ECB's Nagel Confirms Interest Rate Hike Next Week

Governing Council member Joachim Nagel signaled that the European Central Bank will raise borrowing costs next week. Markets are already pricing in a probability of more than 95% that this will happen, according to him.

Nagel made these comments in an interview published on Wednesday with Le MondeBloomberg Terminal. He acknowledged the high likelihood of an interest rate hike at the September meeting but expressed caution about what comes after that.