• The 25bp Obsession Is Being Questioned
Central banks still move in small steps. But in a world of fixed-rate mortgages and corporate hedging, this slow approach may no longer be effective.

• Bank of England Struggles to Find Middle Ground
Hawks oppose any cut, doves want a bold one. The 25bp move is a fragile compromise. A rate cut in August now looks almost certain.

• Fed: Inflation or Tariff Risk?
Core inflation came in soft, but tariff-related fears are keeping the Fed cautious. ING still sees a strong case for a bold 50bp cut in December.

• ECB Is Not Done With the Cycle
Rates are at neutral, but falling confidence and a slowing economy could push the ECB to ease further.

• No Action Expected at July ECB Meeting
Tariffs potentially coming on August 1st are a key concern. The ECB seems unwilling to act before seeing real consequences.

• Germany’s Fiscal Path Matters
Spending decisions in Germany could shape growth and inflation – and influence how fast the ECB will move later this year.