Let's not deny ourselves the pleasure of witnessing a first in 25 years: the ECB has beaten the Fed back to an accommodating monetary policy. But let's not get carried away too quickly and assume that the path to further rate cuts has been paved.

Christine Lagarde remains cautious in her projections, even though she has emphasized that the anti-inflation remedy does seem to be working.

All that remains is to monitor the labor market through the prism of wage increases to see if things continue to calm down.

If they don't, the chances of a second rate cut in September would be seriously jeopardized. In the meantime, the German 10-year yield has logically offered itself a small pullback towards the lower limit of its uptrend channel, which has been in progress since February, supporting around 2.45/43%, a level which will have to be breached to change the dynamic.

This week, we'll be keeping an eye on the tone of Jerome Powell's speech at the end of the Monetary Policy Committee meeting. While rates are likely to remain unchanged, any change in phrasing will once again be closely scrutinized.