The Capital Markets strategist from Canada stated in a report that the MMF market has overly aggressive expectations for future interest rate cuts by the European Central Bank. They said: "We believe that in the next few meetings, the European Central Bank will not implement cuts exceeding 25 basis points, and we think the final rate will be higher than the current market pricing." According to LSEG data, the MMF market currently expects the terminal deposit rate (the rate level when the European Central Bank is expected to pause rate cuts) to be around 1.75%. However, the Capital Markets in Canada expects the European Central Bank to end rate cuts when the deposit rate reaches 2.25%, a level expected to be reached in April next year. The Capital Markets strategist anticipates that the European Central Bank will cut rates by 25 basis points at the Thursday meeting.