Impact of tariffs depends on reaction in the exchange rate.

A larger euro depreciation would cushion the impact of tariffs on growth.

But it would make a larger impact on inflation.

If Euro touches parity against the dollar, we wouldn't lose as much in terms of competitiveness.

I guess we'll land with rates somewhere around 2%.

Four more rate cuts is a meaningful scenario that I feel relatively comfortable with.

There is no appetite to change inflation target.