The 25 bps rate cut today will bring the deposit rate back to 2.00%. And that will fit in between the estimate for the neutral rate by the central bank, which is roughly around 1.75% to 2.25%. That said, one can reasonably expect Lagarde & co. to continue to not put much emphasis that this is the range where the ECB will stop. At least not when there are still significant downside risks to the economy still looming large.So, what else can we expect from the ECB today besides the 25 bps rate cut?Not much really. The forward guidance will continue to center around the current data dependent approach and that they will take things meeting-by-meeting. Lagarde's interpretation of this and the risks surrounding the outlook heading into the summer will be one to watch instead.The question is, will there be an explicit hint or suggestion of a pause in July? I want to say yes but then again, the ECB has time to play with so they can hold back on that today. The July decision only falls on the fourth week of the month and policymakers will still have to weigh trade discussions between the EU and US, which supposedly has a deadline for 9 July.Given the potential for downside risks to materialise and the amount of uncertainty up in the air, don't expect the ECB to be firm on any narrative about pausing today. Lagarde will certainly reiterate that there is a lot of uncertainty to filter through and they will want to maintain as much flexibility to deal with that.As things stand, markets are pricing in just 30 bps of rate cuts after deducting the decision from today. That means just one more rate cut is priced in between the four meetings from July to December. That one rate cut is only fully priced in by the October meeting.So, that sets the stage on where we are at heading into the policy decision today. If anything, the balance of risks lies to the hawkish side should there be any mentions about pausing in July to appease the hawks on the board. But if Lagarde spins it as leaving a vague door for further easing instead i.e. no clear explicit guidance, that will be seen as her doing her job right.The market reaction will ride on her press conference for the most part as such. This article was written by Justin Low at www.forexlive.com.