This comment is no surprise to the market, which is pricing in about a 20% chance of a rate cut this year. However I think it's the first time a top ECB official has said the "extended period" line. Those gains continued with it rising yesterday to the best levels since 2021 before giving back 100 pips today. The caveat to that was he said the recent gains were 'modest' and didn't need a response. Later today, we get the FOMC decision and that should offer some additional hints on where US rates are headed.