European Central Bank committee member Nagel: Interest rates remain in neutral range after rate hike.

European Central Bank board member Joachim Nagel stated that after a 25 basis point rate hike on Thursday, Eurozone interest rates are still in a "broadly neutral" range. The President of the German central bank stated in a speech on Monday: "Therefore, the current monetary policy stance has not put pressure on the economy or hindered structural measures to promote economic growth." He added: "Even if the Strait of Hormuz reopens for shipping in the near future, it will take several months for oil supplies to return to normal. Given that some production facilities in the region have been damaged or shut down, and reserves are decreasing, it will take time to recover."