ECB's Vujcic sees slight positive economic growth in Q2, services support growth and labour market is still tight

Inflation risks are elevated but more balanced.
Extreme weather conditions as we speak can affect food prices.
Does not expect clear announcement on terminal rate, discussions to continue.
Will be data dependent over coming months and quarters.
Will be ready to tighten policy further or ease it as needed.
Latest reading is maybe pointing to services sector softening, September meeting is very open.
He puts more weight on observables, like inflation data and real activity and lending data.
China is a risk to the GDP outlook.
Slowing down pace of rate hikes is certainly a possibility.
Even if ECB pauses, we will say we can resume hiking.
There is no discussion of outright APP bond sales.
Not unimaginable to discuss bringing forward the end of PEPP reinvestment.