ECB President "soon to ease unless there is a major shock"...June rate cut expected

European Central Bank (ECB) President Christine Lagarde said the central bank will cut its benchmark interest rate in the absence of a major shock, according to the Daily Mail. "We are observing a disinflationary process that is moving in line with our expectations," Lagarde said in an interview with CNBC on Saturday (local time), adding that "if we are confident in this process and if there are no major shocks, we are moving towards a moment when we will ease restrictive monetary policy." Asked if three rate cuts this year were a reasonable expectation for market participants, Lagarde reiterated his previous stance that he would let economic indicators guide his decision, saying, "I have said before that I would not pre-determine a specific rate path."