ECB's Centeno: We made need rates below neutral rate to prevent inflation sub-2%

- Interest rate to prevent inflation from falling under 2% may have to come below the neutral rate between 1.50-2.00%
The market is pricing 1.64% as the low for ECB rates which is a bit more than 50 bps fully priced in. Getting helow his neutral range would mean at least one more cut on top of that.