• The decision won't be made until the day the Governing Council meets
  • If data gives us confidence that price target can be met sustainably, a June rate cut will be likely
  • Some elements of inflation are proving persistent, services in particular
  • Would caution against moving too quickly on rate cuts
  • Full transcript

There isn't anything new there but it's very much a given already that they will move to cut rates in June. The question now is what comes after and that will depend on the evolution of the data in the months ahead.