European Central Bank Governing Council member Joachim Nagel said the central bank should neither commit to nor rule out additional interest-rate reductions, arguing that policymakers must keep every option open as the inflation outlook remains uncertain. Speaking on 9 July, the Bundesbank president noted that while investors currently assign little chance to a cut at the ECB’s 24 July meeting, market pricing implies roughly a 42% probability of an easing move on 11 September and a cut fully priced in by March 2026. Nagel did not endorse these expectations but stressed the importance of data-dependence after the ECB’s first reduction in June. Nagel’s remarks suggest the Governing Council will maintain a meeting-by-meeting approach, balancing the risk of prematurely loosening policy against ensuring borrowing costs do not become overly restrictive as euro-area growth and price pressures moderate.