(Bloomberg) -- European Central Bank Vice President Luis de Guindos suggested that meetings featuring quarterly forecasts will be key for major decisions to set interest rates.

Speaking in a television interview with Spain’s RTVE, the policymaker effectively signaled that gatherings in September and December when officials compile their projections are likely to be pivotal.

“Forecasts are updated every three months — the next one is in September,” Guindos said. “It’s one of the most significant moments and the most interesting because the forecasts are an important indicator at the time of deciding how interest rates will evolve.”

His remarks chime with other policymakers who have shown hesitancy to follow up this month’s quarter-point rate cut with any further move at the upcoming decision in July. They argue that waiting allows for more data to come into consideration. 

“The direction is clear in the mid-term, but in the short term it will depend on the data,” he said.

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