(Bloomberg) -- A flurry of trades betting on large interest-rate cuts from the European Central Bank is showing up in the options market.

This week alone, traders have initiated several wagers tied to German bonds and benchmark money market rates that stand to profit if the ECB embarks on aggressive rate reductions starting next month. The latest on Wednesday will pay out over €6 million ($6.5 million), more than 14 times the stake paid, if policy makers cut at every meeting til October.

That’s not a consensus view in markets. While a quarter-point reduction in June is all but priced in, money markets only expect a second rate cut after another three policy meetings, in October. This is presenting an attractive opportunity to bet on more, according to Theophile Legrand, a rates strategist at Natixis SA, pointing to the potential for the ECB to keep going based on the outlook for inflation.

“If June’s inflation projections are fairly positive, why stop at the July meeting?” he said.

The other options bets on German bonds include one targeting a steep 60 basis-point slide in two-year yields to 2.4% within the next five weeks. That’s a level last seen in February, with yields having surged since then on doubts over the scope of global monetary tightening.

While Natixis expects the ECB to cut its deposit rate five times by year-end to 2.75%, some policymakers have recently said they shouldn’t rush after a likely first move on June 6. Governing Council member Pierre Wunsch rejected back-to-back cuts in June and July in an interview on Tuesday.

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