• It would take a massive economic surprise for the ECB not to move in June
  • Relatively comfortable with market pricing of rate cuts, no need to disturb that
  • Rate cuts should be gradual and easiest to move at quarterly meetings when projections are released

They have been out in droves today to confirm a June rate cut. As for market pricing, it fits somewhat with what he is proposing as traders are pricing in ~71 bps of rate cuts for this year.