• 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