ECB Can't Commit to Cuts, June Move Likely: Lagarde

European Central Bank President Christine Lagarde said policymakers can't commit to further borrowing costs reductions after a likely first move in June. "Even after the first rate cut, we cannot pre-commit to a particular rate path," Lagarde said in a speech on Wednesday. With the timing of the first cut increasingly clear, the debate is shifting to how quickly the ECB will unwind its historic campaign of rate hikes and where borrowing costs will ultimately end up.