- Inflation risk from trade tensions seems weak and could even be downward.
- Inflationary risk from a few weeks ago has gone.
- We are ready to act quickly depending on the data.
- We are in a "very choppy sea".
- Agile pragmatism applies to the latest decision.
- Cannot say today what the ECB will decide in June.
- The ECB must be prepared for various possibilities.
- We do not see tensions on the markets, volatility has increased due to economic uncertainty.
- Fed's Powell is doing his job very well because he is telling the truth as it is.
- Trump is wrong to criticise Powell for cutting rates too slowly.
The market sees a 69% probability of a 25 bps cut in June and a total of 63 bps of easing by year-end.
ECB's Villeroy
