- But we need more data to confirm inflation trajectory
- Must be careful not to declare victory too soon
- Labour market is very important for next steps
- Labour market is still tight, causing wage pressure
More of the same stuff as the ECB communique today is very much in sync. The gist of it is that they would like to cut rates more but aren't confident enough to pull the trigger in July. So, they're teeing up a potential move in September - that is if inflation and economic developments line up accordingly in the next two months.
