According to Jinshi, Altaf Kassam, head of State Street Global Research, said that the ECB is expected to start cutting interest rates in June and cut interest rates by 25 basis points four times this year, which is roughly consistent with current market pricing. He said: "When the market fully priced in the Fed's expectations of a rate cut in May, we felt that the probability of the ECB cutting interest rates in April was 50%." "But now, as the market has almost completely ruled out the possibility of the Fed's action in May, we believe that the probability of the ECB cutting interest rates in April has also dropped to near zero." State Street expects the ECB to lower its inflation expectations to pave the way for a rate cut in June.