ECB: Nagel Pushes Back Timeline For Achieving Price Stability

More headlines crossing from Bundesbank President Nagel to the BBC (via BBG)

• "*ECB'S NAGEL: WILL BE BACK TO 2% TARGET AT END OF THIS YEAR"
• "*ECB'S NAGEL: WE WILL ACHIEVE PRICE STABILITY THIS YEAR: BBC"

Worth highlighting that on Feb 25, Nagel noted that "I have still pretty much the confidence that we are on our path to price stability,”....“Inflation will come back to our target maybe by middle of this year. And this is good news.”.

So he's pushed back his timeline for achieving price stability. This may reflect the ECB's latest projections which incorporate a (now largely faded) uptick in energy prices, but also the possible inflationary impulse from German fiscal spending. Nagel described the fiscal announcement as an "extraordinary measure" for an "extraordinary time" in his interview with the BBC released overnight.