ECB Governing Council member Nagel: Don't rush to cut rates

ECB Governing Council member and German Central Bank President Nagel said on Thursday that the European Central Bank must remain "cautious" and not rush to cut key interest rates. In his speech, Nagel said that the tightening of the job market and economic growth may delay the euro zone's sustained return to the central bank's 2% inflation target. "It cannot be taken for granted that prices will return to stability in a timely manner. Therefore, we need to be cautious and never lower the policy rate too quickly," he said. The ECB cut its key interest rate in June, and investors expect policymakers to cut rates again at their next meeting on September 12. Earlier on Thursday, data released by the German Statistics Office showed that Germany's inflation rate returned to the ECB's target in August. The German economy shrank in the three months to June, and recent surveys showed continued weakness