ECB's Villeroy: Rate cut in the spring is 'very likely'

• There is a large consensus that rate cut will come
• Timing remains a 'minor issue'

After Lagarde offered no hints of an early rate cut, his remarks are a tad surprising. But it does work both ways and June is still the likely timeline for now. The odds of a rate cut for April are still at a measly ~11% compared to a full rate cut priced in for June.