[ECB Governing Council member Kazaks: Future rate cuts should be gradual] Golden Finance reported that ECB Governing Council member Kazaks said that any future rate cuts by the ECB will need to be "gradual". "Although inflation has fallen to a fairly low level, victory has not yet come," he said in a blog. "Domestic price pressures remain high. The tight labor market and low unemployment put upward pressure on wages." He said: "Therefore, further rate cuts should be gradual, paying close attention to the dynamics of wage growth, productivity growth and corporate profit margins." "We will make future decisions based on the latest data and assess the situation meeting by meeting." The day before Kazaks spoke, the ECB fulfilled its promise to cut interest rates, but also said that it would take longer for inflation to reach 2%, which raised questions among investors about the next policy direction. According to people familiar with the matter, officials have almost ruled out a second rate cut in July, and some have questioned whether it is wise to cut interest rates at the September meeting.