The European Central Bank lowered its economic and inflation forecasts in December. At the press conference, ECB President Lagarde expressed concern about the downside risks to economic growth, particularly mentioning that trade tensions could put pressure on growth. Additionally, it was mentioned that they discussed a 50 basis point rate cut. Therefore, the atmosphere of the entire meeting leaned dovish. The market subsequently increased bets on a 50 basis point cut after January. Although the probability of a significant cut in January stabilized at 30%, the probability of a 50 basis point cut in March rose from 30% before the meeting to 40%, and the probability of a 50 basis point cut in April rose from 0% to 5%.