- A very appropriate cut may be next June, but the path after June is more ambiguous.
- Recent data have confirmed that the last mile of the fight against inflation is the most difficult.
- An interest rate cut in July does not seem to be justified, and this is based on current data،
- With inflation risks still trending upwards, starting the easing process early can be dangerous.
- We cannot commit in advance to any particular price path due to uncertainty.
- The closer we get to a potential neutral level, which may be much higher than 2%, we need to move more cautiously.
- We have served the 2% target well, and it is inappropriate to change the target.
- Geopolitical shocks are a major risk that we need to monitor, and this poses upside risks to inflation expectations.
