According to Jinshi, Citigroup slightly changed its expectations for the path of the ECB's policy rate. Citigroup said that while it still fully expects the ECB's Governing Council to cut the deposit rate by 25 basis points in June, it no longer expects the ECB to continue with a similar rate cut in July, and expects them to resume the easing process in September. Citigroup also raised its medium-term expectations for the terminal rate of the policy rate from 1.50% to 2.00%.