- Prior +2.2%
- Core CPI +2.7% vs +2.7% y/y prelim
- Prior +2.5%
No changes to the initial estimates. The market is pricing 91% chance of another 25 bps cut at the June ECB meeting and a total of 51 bps of easing by year-end. The June cut might be hard to avoid, but it might also be the last one for 2025. Data will tell.
