• Seeing it as a hawkish cut suggests that we will act more cautiously moving forward
  • Sees little risk of a second wave of inflation
  • But inflation is stickier than expected
  • Hopefully the future will be data-driven

I would say that the last remark sticks out. The ECB pre-committed themselves to a move this week, and clearly Holzmann doesn't think that it is "data-driven". That despite all the justifications put out by his peers over the last 24 hours.