ECB Governing Council member Nagel said the ECB will hold its next monetary policy meeting in July and is keeping all options open, ready to act again if warranted. He said June's rate hike was necessary because inflation has broadened beyond energy into other goods and services, and that the Middle East conflict has produced a strong, persistent supply shock that cannot be ignored; the council has shown resolve to prevent inflation expectations from becoming unanchored. Sources earlier said a J

ECB Governing Council member Nagel said the ECB will hold its next monetary policy meeting in July and is keeping all options open, ready to act again if warranted. He said June's rate hike was necessary because inflation has broadened beyond energy into other goods and services, and that the Middle East conflict has produced a strong, persistent supply shock that cannot be ignored; the council has shown resolve to prevent inflation expectations from becoming unanchored. Sources earlier said a July hike was not the policymakers' base case, but the ECB could tighten further if energy prices rise or inflation surprises to the upside. Nagel is viewed as a potential successor to Lagarde.