There had been further progress on all three elements, which warranted increased confidence that inflation was on track to reach the ECB’s targetMore data and evidence were needed for the Governing Council to be sufficiently confident of thisInflation was expected to continue its downward trend in the coming monthsA bumpy profile and a trough were expected after the summerThere were signs that wage growth was starting to moderateMembers expressed increased confidence that inflation was on track to decline sustainably to the 2% inflation target in a timely mannerImportant not to be complacent, as the disinflationary process remained fragileThe case for considering rate cuts was strengthening
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