ECB's Holzmann on the wires this morning:

  • Says he doesn't have an objection to cutting rates in June
  • But also adds that he wants to see more supportive data
  • Also added that cutting rates out-of-sync with the Fed would diminish the impact of policy easing by the bank
  • with EZ productivity very weak, a 3.0% deposit rate could prove too tight over the long-term
  • Also said it's possible that inflation could do better than what the bank is currently projecting

All in all nothing too surprising here from Holzmann.