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ECB Governing Council member Kazaks: Future rate cuts should be gradual

ECB Governing Council member Kazaks said

Any future rate cuts by the ECB need to be

"gradual"

He said in a blog

"Although inflation has fallen to a fairly low level

Victory has not yet come

"Domestic price pressures remain high

The tight labor market and low unemployment rate

put upward pressure on wages"

He said: "Therefore, further rate cuts should be gradual

Closely monitor the dynamics of wage growth, productivity growth and corporate profit margins.

"We will make future decisions based on the latest data and assess the situation meeting by meeting." ”

The day before Kazaks spoke, the European Central Bank delivered on its promise to cut interest rates

But it also said it would take longer for inflation to reach 2%

That raised questions among investors about the next policy move

Officials have all but ruled out a second rate cut in July, and some have questioned the wisdom of cutting rates at the September meeting, according to people familiar with the matter.