Group 1 - The European Central Bank (ECB) is likely to delay its final interest rate cut until December, with no immediate concerns about the market prematurely concluding the end of the easing cycle [1] - Most economists surveyed expect the deposit rate to be reduced by 25 basis points to 1.75% in September, but half believe that traders will not immediately conclude that rates have bottomed out even if the ECB maintains rates in the following meetings [3] - The uncertainty in trade policies is contributing to a longer "policy observation period," allowing the ECB more time to assess economic and inflation dynamics before making decisions [3] Group 2 - ECB President Christine Lagarde has indicated a preference for maintaining current policy stability in July to further observe economic and inflation trends [3] - There is a lack of consensus among ECB decision-makers regarding future policy directions, with some officials expressing caution about further rate cuts [3][4] - Concerns about inflation remaining below the 2% target, particularly with a strengthening euro, are prompting some officials to consider more accommodative policies to boost inflation [4] Group 3 - The internal divisions within the ECB reflect the complexities of formulating future policies, balancing economic growth resilience against the need to ensure inflation progresses towards targets [4] - Market participants are closely monitoring ECB actions, as predictions and statements from economists and officials will influence expectations for future interest rate movements and asset price fluctuations [4]

Core Viewpoint - The European Central Bank (ECB) remains cautious and is closely monitoring all available data [1] Group 1 - The ECB's committee member, Centeno, emphasizes the importance of data in decision-making [1]