- It does not preclude future decisions
- Comfortable with current level of rates
- Sees inflation target being reached in 2H 2025
- April rate cut would be inconsistent with ECB's macro scenario
On the headline, I reckon that interpretation is not up to him or the ECB to make. It is how their actions and communication is perceived by markets and it is what it is. So, you don't get to go around telling people what it should be. Besides this report earlier, there hasn't been any explicit remarks on any more rate hikes and that says a lot about the ECB's current stance as a whole.