Vanguard Europe said that although higher basic services inflation, solid wage and GDP growth in the first quarter increased the risk of a slowdown in the pace of ECB interest rate cuts, the ECB is likely to carry out consecutive 25 basis point interest rate cuts. Senior economist Shaan Raithatha noted in the report that high-frequency indicators suggest wage growth will decelerate significantly in the coming months, while inflation has fallen sharply in recent months. He expects the European Central Bank to cut interest rates by 25 basis points this week, and the subsequent easing pace will be relatively less certain.