According to Jinshi, analysts from Deutsche Bank Research said in a report that the bank has adjusted its policy expectations for the ECB and believes that the easing cycle will be more gradual than previously expected. The bank said that it still believes that the first interest rate cut by the ECB will be in April rather than June, but recent data and comments show that the easing cycle is more gradual than we thought. It continues to predict a 150 basis point rate cut in 2024 and a further 50 basis point rate cut in 2025, but we now believe that this round of easing cycle is more likely to be a steady 25 basis point rate cut rather than starting with a 50 basis point rate cut.