We are going with at least two rate cuts this year, barring any bad news.

We still want policy to remain a little restrictive.

Cutting rates again in July could be interpreted to mean we are going to cut at every meeting.

And that would lead to repricing that might go too far.

July decision should be about managing expectations.

I'm very comfortable with rate cut in June.

But if we only do two or three rate cuts, then should not communicate that at every meeting.

Would be very surprised if ECB does more than 25 bps rate cut in June.