The leader of Germany’s central bank, Joachim Nagel, expects a turnaround in interest rates at the European Central Bank meeting in June – but possibly only a single step for the time being. Nagel, the president of the German Bundesbank, emphasized on Friday that a first interest rate cut cannot be used as the basis for a “kind of autopilot,” where the next interest rate cut must follow immediately. “I wouldn’t want to assume that right now,” he said, adding that nothing should be rushed and that growth should not be jeopardized. Nagel made his remarks at the meeting of finance ministers and c…