On July 18th, Jin10 Data reported that some European Central Bank policymakers initially opened the door to further interest rate cuts in July, but now that door has been closed tightly. Bas van Geffen, Senior Macro Strategist at the Dutch Cooperative Bank, pointed out that the data showed that the bank should remain cautious and does not need to cut interest rates continuously in July. The European Central Bank's forecasts may be too mild, so it will not prevent it from cutting interest rates again in September. However, we believe that our forecast for future deposit Interest Rate has upside risks.