ECB Governing Council and Bundesbank President Joachim Nagel said that the slowdown in core inflation in the Eurozone in August was a positive development. Nagel said on Tuesday, “The good news is that the core inflation rate has declined,” and service sector inflation has also declined somewhat. At present, we have not seen a second round effect of core inflation.” On the sidelines of the G20 meeting in Asheville, North Carolina, Nagel said that next week's interest rate decision is “relatively easy to predict” and is in line with financial market expectations. At present, the market has fully absorbed the expectation that the ECB will raise interest rates by 25 basis points.

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