(Bloomberg) -- The European Central Bank will begin lowering borrowing costs at its June meeting, Governing Council member Pablo Hernandez de Cos said.

“Next week we will have to have a discussion in which we will share all our visions about what has happened since the last meeting and we will see what the conclusion is — but I think that today my central scenario is that June could actually be the first reduction in interest rates,” the Spanish policymaker said in Barcelona.

That timing is in line with most of his fellow ECB rate setters, though some have suggested a move at the April 11 meeting might also be an option. 

What happens after the June meeting is less clear. Money markets are pricing three quarter-point reductions starting that month, with the chance of a fourth at around 60%.

De Cos, whose non-renewable term ends in mid June, spoke just hours after data showed that euro-area inflation slowed to 2.4% last month, a touch better than the 2.5% predicted by economists.

“The inflation data has been positive,” he said. “The confidence we have gained in the macroeconomic projections makes us optimistic about achieving the ECB’s inflation objective.”

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