European Central Bank policymaker Joachim Nagel said on Tuesday that "the great wave of inflation is over", adding he will not decide whether to vote to cut rates in September until next week, per Reuters.

Key quotes

I really won’t make a decision until the ECB Governing Council meeting next week, when I will have a complete overview of all the data.

Inflation was on the right track.

We shouldn’t prematurely burst into cheers and pat ourselves on the back.

We must remain vigilant and keep an eye on the risks on the way back to stable prices.