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European Central Bank Chief Economist Philip Lane is signaling his agency is ready to cut interest rates next week, a disruption from its usual trend of following the Federal Reserve’s lead.

In an interview with the Financial Times, Lane previewed the ECB’s upcoming actions ahead of its June 6 policy meeting.

“Barring major surprises, at this point in time there is enough in what we see to remove the top level of restriction,” he said, adding that the ECB did not see its planned rate cut as being radical. “Central bankers aspire to be as boring as possible and I would hope central bankers aspire to have as little ego as possible.”

The ECB’s planned actions would follow recent cuts enacted by the Swedish, Swiss, Czech and Hungarian central banks. But on the other side of the Atlanaic, the Federal Reserve’s leadership has stressed that rate cuts were not on the immediate horizon.

Booking.com

Lane said ECB policymakers must keep their rate cuts in a careful manner that ensures inflation does not remain elevated, adding that “would be very problematic and probably quite painful to eliminate.”

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