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Kazaks echoes Lagarde's message from yesterday

ECB
  • ECB's Kazaks on Bloomberg TV says: "Day by day we'll get closer to rate cuts" but won't commit to a specific date when pushed on if April is out of the window.
  • When asked if there is a bigger risk from doing too mcuh or too little is more concerning: Kazaks says that looking at the 70s/80s it shows the risk of inflation going up which would mean needing to raise rates again - and that would be worse. (i.e. bigger risks from cutting rates too early).
  • He was asked if yesterday saw a dovish tilt from the ECB. He brings out the data dependent rather than date dependent line that Lagarde said yesterday.
  • On labour market says some softening and rise in vacancies but also wage growth still high - but not only wage growth to be looking at - other data too. See some signs of labour market bottoming out. Again in line with Lagarde yesterday.
  • On the Red Sea says supply side shocks are likely to be more regular.
  • No real move in either EURUSD or Bund futures to Kazaks' comments (particularly as they are so in line with Lagarde's message from yesterday).
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