[Jefferies Indicates ECB Faces Deflationary Pressure, Policy Tilted Toward Rate Cuts] Jin10 News, February 6 – Jefferies economist Modupe Adegbembo stated in a report that their baseline forecast remains that the European Central Bank (ECB) will keep interest rates unchanged for the rest of the year. However, their assessment suggests that the risks are clearly tilted toward the next policy move being a rate cut. The economist noted: 'We believe that, given the deflationary pressure from a stronger euro and technical deflation, the likelihood of a rate cut is still greater than that of a rate hike.' He pointed out that although external risks make the policy outlook uncertain, the ECB is generally in a comfortable position: interest rates are at neutral levels, inflation is currently below 2%, and economic growth is far from entering a recession. On Thursday, the ECB, as expected, kept its policy rates unchanged.