Peel Hunt senior economist Kallum Pickering said that ECB policymakers have concluded that the impact of the US on global trade will have a net anti-inflation impact on the Eurozone. This revealed an important detail about the ECB's response mechanism, that is, if downside risks to economic growth begin to appear, the ECB may be more active in easing monetary policy. There are few signs of an upward risk of inflation, indicating that policymakers are confident of achieving the 2% inflation target and maintaining its sustainability, which means that the ECB can at least cut interest rates to a neutral level or even lower, but the question is where the neutral level is.

Peel Hunt senior economist Kallum Pickering said that ECB policymakers have concluded that the impact of the US on global trade will have a net anti-inflation impact on the Eurozone. This revealed an important detail about the ECB's response mechanism, that is, if downside risks to economic growth begin to appear, the ECB may be more active in easing monetary policy. There are few signs of an upward risk of inflation, indicating that policymakers are confident of achieving the 2% inflation target and maintaining its sustainability, which means that the ECB can at least cut interest rates to a neutral level or even lower, but the question is where the neutral level is.