- There had been further progress on all three elements, which warranted increased confidence that inflation was on track to reach the ECB’s target
- More data and evidence were needed for the Governing Council to be sufficiently confident of this
- Inflation was expected to continue its downward trend in the coming months
- A bumpy profile and a trough were expected after the summer
- There were signs that wage growth was starting to moderate
- Members expressed increased confidence that inflation was on track to decline sustainably to the 2% inflation target in a timely manner
- Important not to be complacent, as the disinflationary process remained fragile
- The case for considering rate cuts was strengthening