* Bank of America: “Now expect back-to-back cuts of 25bp from now until the depo rate is back at 2% in June-25″”We stick to our view that the ECB will cut to 1.50%, but think we now get there by end-25, ie six months earlier”.

* “Bigger and deeper cuts are a possibility if growth actually moves lower from here – but that is currently a risk scenario”.

* Commerzbank: “The recent noticeable fall in inflation rates and the slump in leading economic indicators have prompted us to revise our ECB forecast, especially since ECB President Lagarde gave corresponding indication [yesterday]”.

* “The ECB central bankers are likely to return to their more cautious approach to interest rate cuts in 2025 and only take steps at meetings with new projections, i.e. once a quarter. With interest rate cuts in October,

December, March and June, a deposit rate of 2.50% would be reached”.

* Nomura: “We now expect the ECB to cut rates by 25bp once per meeting from October 2024 to June 2025, followed by a final 25bp cut in September 2025. This results in a terminal depo rate of 1.75% by September 2025”

* “We now expect the ECB to cut rates to marginally below neutral (we believe neutral in the euro area is 2-2.5%). First, headline HICP inflation is increasingly at risk of undershooting the ECB’s target over the medium-term” “Second, Germany’s recession, stagnation in France, and the lack of a euro area consumer-led recovery suggest the ECB will increasingly shift its focus towards economic growth concerns”.

* SEB: “The ECB’s September forecast for core inflation for the third quarter is too high. Add to this the weak PMI data a few weeks ago and an increasingly softer tone from several ECB members. The ECB has pushed its data dependency, and anything other than an October cut will now be difficult to justify”.

* We also judge that the ECB will abandon its strategy of one interest rate