European Central Bank Governing Council member Madis Muller cautioned against lowering borrowing costs too early, with the rise in salaries still too strong to be compatible with the 2% price goal. “It would be prudent to be patient with the first rate cut”, the Estonian central bank chief said in an interview. “Wage growth is still higher than what we would like to see to be sure it’s consistent with our inflation target.” Speaking in Ghent, Belgium, where he’s attending a meeting of European finance ministers and central bank governors, Muller said that he would be “more comfortable to wait for first quarter data ... (full story)