ECB Executive Board member Kazaks said that any future interest rate cuts by the ECB would need to be "gradual". He stated in a blog post, "Although inflation has fallen to a relatively low level, victory has not yet arrived." "Domestic price pressures are still significant. The labor market is tight and the unemployment rate is low, which puts upward pressure on wages." He said, "Therefore, further interest rate cuts should be gradual, closely monitoring the dynamics of wage growth, productivity growth, and corporate profit margins." "We will make future decisions based on the latest data and assess the situation at each meeting." The day before Kazaks' speech, the ECB fulfilled its interest rate cut commitment, but also stated that it will take longer for inflation to reach 2%, which has raised questions among investors about the next policy direction. According to insiders, officials have almost ruled out a second interest rate cut in July, and some have questioned whether it would be wise to cut interest rates at the September meeting.