Agree with Lagarde that cycle almost finished.We can be happy with inflation where it is.Hard to say what's coming next on rates.We are facing more than average uncertainty.As a reminder, the ECB cut rates by 25 bps yesterday as expected revising growth and inflation lower. The market overreacted a bit when Lagarde mentioned that the central bank was getting near the end of the easing cycle. That was already priced in as the market did expect just one more cut this year with the terminal rate at 1.75%. What's changed is that the expectations shifted from a rate cut in September to December. This article was written by Giuseppe Dellamotta at www.forexlive.com.