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ECB's Nagel says no inflation relief in sight even if Hormuz Strait reopens soon
European Central Bank policymaker Joachim Nagel said on Monday there would be no immediate relief from an energy-driven spike in inflation even if the Strait of Hormuz reopens soon because it will take months for oil supply to recover to its pre-war level. US and Iranian officials said overnight they have reached an agreement to end their war and reopen the Strait, a gateway for energy shipment, in a preliminary pact that sent oil prices falling. But Nagel reaffirmed his view that all options - meaning both holding interest rates steady or increasing them - remain for the central bank’s next policy meeting on July ... (full story)
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