ECB's Nagel pushes back on a "insurance hike" narrative, Bloomberg TV; inflation will stay high in 2026 and remain above target in 2027

Stresses data dependency and a meeting-by-meeting approach. Keeps options open for July and September. States that the first round effects continue, which increases the chance of second round effects. Not currently seeing pass-through of first round effects on wages. Other:Welcomes the German pension reform. (Bundesbank have been pushing to have an increased role on the matter).AI: AI could be inflationary in the short term, but longer-term the growth benefits could then be seen from a productivity standpoint. Also highlights the better prospects on the jobs market (in relation to AI).