Joachim Nagel, ECB governor and president of Germany's Bundesbank, told reporters at the annual meeting of the international monetary fund in Washington that "we think the 2 percent inflation target could be reached sooner than we think in 2025." The ECB has cut interest rates three times since June, and markets and economists expect further cuts in the future. Nagel warned against speculation about next steps, saying "we should not consider further rate cuts too hastily."