ECB's Nagel's on the wires with some hawkish commentary:
- ECB must act decisively to preserve credibility, inflation won't return to target on its own
- ECB should not delay rate hikes out of fear of a recession
- Frontloading rate hikes reduces the risk of a painful downturn
- Larger rate hike reduces the risk of expectations getting the anchored; they are anchored for now
- Terminal rate is still unclear
