- In April, we get some data and in June we will have a lot more data and information, we will also have new projections
- We will be looking at data and whether it confirms our hope that inflation is on the path to our forecasts
- A few members felt sufficiently confident to cut rates
- A very large majority wanted more data
- We are data dependent, not Fed dependent
- The size of our balance sheet has reduced quite a bit already
- Highlights differences in eurozone versus US inflation, including consumption and fiscal response
- If disinflation continues, rate path will reflect that
- We are observing a decline in inflation that's comforting us
- We will be attentive to wages
There isn't much of a hint here from Lagarde, she's leaning hard on the data dependence. It's clear that the plan is to cut in June but the data will need to continue to show softening inflation.
