• Interest rates are now within the neutral range.
  • June to depend on data, forecasts and risk outlook.
  • Inflation to reach 2% in the next few months.
  • Time needed to assess risks associated with tariffs.
  • US Trade policy is eroding confidence.
  • We must remain vigilant and agile.

Markets are pricing a 72% chance of a 25 bps cut in June and a total of 66 bps of easing by year-end.

ECB's Kazimir
ECB's Kazimir
Source: Forex Live