ECB's Rehn: The scale is tipping towards a rate cut in October

But Rehn still says that they need to watch for more data before making any decisions

Slowing inflation means more reasons to justify October rate cut in my view
Recent weakening in growth outlook also tips the scale in the direction of October
But should closely monitor data and perform comprehensive analysis before deciding

This is the first sign that any ECB policymaker is explicitly making a call for October. It shows how central banks have a pension for giving in to markets at times. And also how quickly the narrative can shift from one meeting to another. 10-year German bond yields are now down 6 bps to 2.07% - its lowest since January.