The European Central Bank’s interest-rate cut reflects improved inflation dynamics across the 20-nation euro zone, according to Bundesbank President Joachim Nagel. “It was a logical step, which reflects the picture we’ve had for months — inflation is retreating,” he said in an interview with German public broadcaster ZDF on Friday. “That’s good news — the sky-high inflation rates we had two years ago are history.” The ECB delivered a widely anticipated rate reduction on Thursday, even after recent inflation gauges and wage growth accelerated. President Christine Lagarde still expressed confidence that policymakers ... (full story)