Joachim Nagel, president of Germany's Deutsche Bundesbank and a member of the European Central Bank's Governing Council, said in a speech in Berlin on the 3rd that another interest rate hike at the December Governing Council meeting is almost unavoidable. If realized, it would be the third rate increase this year. Several policymakers have already voiced support for tightening in December, and Nagel has now joined their ranks. "As things stand today, a December rate hike is highly likely. Unless the inflation outlook improves substantially, there appears to be little alternative to raising rates," the Bundesbank president said.
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