JPMorgan now expects 10 basis point cut in ECB deposit rate in Sept

JPMorgan jumps on the cut bandwagon

"We now expect the ECB will amend its forward guidance in July and deliver a 10bps deposit rate cut in Sept, initially without tiering," JPM says in a note.

They don't expect more QE at this stage but warn that visibility is low in terms of the macro outlook and how the ECB will respond to it.